Manufacturing News

Toyota set to invest billions in electric vehicle batteries

Toyota

Japanese car manufacturer Toyota plans to invest 7.7 billion dollars to produce more batteries for electric cars in Japan and the United States.

With this investment, Toyota will increase its battery production to 40 gigawatt hours in the two countries, starting from 2024.

Over the past few months, Toyota has been working hard to electrify its cars. Last December, the group said that all of its new vehicle sales in Western Europe would be zero-emission models by 2035.

It comes as the company’s former research and development 3.6-hectare site opposite Monash University’s Clayton campus was sold back to the university for $66 million. The land holding was closed in 2016 when Toyota made the decision to stop local manufacturing in Australia.

“Toyota intends to continue its efforts to build a supply system that can steadily meet the growing demand for BEVs in various regions, including the supply of automotive batteries from its partners,” the company said in a statement.

The move will help ensure crucial supply as the company continues the roll out of its electric-only models in global markets – the dedicated electric vehicle BZ4X SUV is now on sale overseas and expected to be available in Australia in 2023.

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