WASHINGTON : Toyota Motor Corp's North American unit said Monday it will invest about US$3.4 billion on U.S. automotive battery development and production in the United States through 2030.
The funds are part of the US$13.5 billion it announced in September https://www.reuters.com/business/autos-transportation/toyota-spend-over-135-bln-ev-batteries-by-2030-2021-09-07 it planned to spend globally by 2030 to develop batteries and its battery supply system. The largest Japanese automaker said in September it aimed to slash costs of its batteries by 30per cent or more by working on materials used and the way the cells are structured.
Automakers around the world are investing billions of dollars to ramp up battery and electric vehicle production as they face increasingly stringent environmental regulations.
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