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Toyota Motor Corp said on Wednesday it would invest up to 730 billion yen ($5.
27 billion) in Japan and the United States to expand production of batteries for all-electric vehicles
.
Toyota's battery production capacity in both countries will be increased by 40 GWh
, the company said.
"This investment is designed to give Toyota the flexibility to meet the needs of
its diverse customers in all countries and regions by offering a variety of powertrains and offering as many options as possible.
"
Some green investors and environmental groups say the company should be rolling out all-electric (or "battery-electric") cars sooner rather than sticking with internal combustion engines
in powertrain configurations such as hybrids.
Toyota is the latest in a series of companies announcing massive battery investments in the U.
S.
, and the shift to all-electric vehicles is likely to accelerate
as the country discourages the use of gasoline and diesel vehicles and tightens eligibility for tax credits.
Key rival Honda Motor said Monday that it and South Korean battery supplier LG Energy Solution will build a $4.
4 billion lithium-ion battery factory
for electric vehicles in the United States.
Toyota said in a statement on Wednesday that it would invest about 400 billion yen
in Japan.
The money will go to its own two factories, one owned by Prime Planet Energy & Solutions Co, its joint venture with Panasonic Holdings, and the other being built
for another joint venture with Panasonic.
In addition, the company will invest approximately JPY 325 billion in Toyota Battery Manufacturing Corporation in North Carolina
.
Faced with stricter environmental regulations, global automakers are spending billions of dollars to boost production of batteries and electric vehicles
.
President Joe Biden this month signed a $430 billion climate, health care and tax bill that would make electric vehicles assembled outside North America ineligible for tax
credits.
California last week announced a plan to ban the sale of new cars
powered solely by internal combustion engines by 2035.
Toyota last year pledged 8 trillion yen to electrify its model range by 2030, half of which will be used to develop all-electric vehicles
.
Still, it expects annual sales of such cars to reach just 3.
5 million by the end of the decade, about a third
of its current total.
In June, Toyota said it had recalled more than 2,000 of its first production electric car, the bZ4X SUV, less than two months after launching the model, because of the risk of
loose wheels.
Toyota Motor Corp said on Wednesday it would invest up to 730 billion yen ($5.
27 billion) in Japan and the United States to expand production of batteries for all-electric vehicles
.
Toyota's battery production capacity in both countries will be increased by 40 GWh
, the company said.
"This investment is designed to give Toyota the flexibility to meet the needs of
its diverse customers in all countries and regions by offering a variety of powertrains and offering as many options as possible.
"
Some green investors and environmental groups say the company should be rolling out all-electric (or "battery-electric") cars sooner rather than sticking with internal combustion engines
in powertrain configurations such as hybrids.
Toyota is the latest in a series of companies announcing massive battery investments in the U.
S.
, and the shift to all-electric vehicles is likely to accelerate
as the country discourages the use of gasoline and diesel vehicles and tightens eligibility for tax credits.
Key rival Honda Motor said Monday that it and South Korean battery supplier LG Energy Solution will build a $4.
4 billion lithium-ion battery factory
for electric vehicles in the United States.
Toyota said in a statement on Wednesday that it would invest about 400 billion yen
in Japan.
The money will go to its own two factories, one owned by Prime Planet Energy & Solutions Co, its joint venture with Panasonic Holdings, and the other being built
for another joint venture with Panasonic.
In addition, the company will invest approximately JPY 325 billion in Toyota Battery Manufacturing Corporation in North Carolina
.
Faced with stricter environmental regulations, global automakers are spending billions of dollars to boost production of batteries and electric vehicles
.
President Joe Biden this month signed a $430 billion climate, health care and tax bill that would make electric vehicles assembled outside North America ineligible for tax
credits.
California last week announced a plan to ban the sale of new cars
powered solely by internal combustion engines by 2035.
Toyota last year pledged 8 trillion yen to electrify its model range by 2030, half of which will be used to develop all-electric vehicles
.
Still, it expects annual sales of such cars to reach just 3.
5 million by the end of the decade, about a third
of its current total.
In June, Toyota said it had recalled more than 2,000 of its first production electric car, the bZ4X SUV, less than two months after launching the model, because of the risk of
loose wheels.
