Toyota Motor Corporation has plans to invest $5.6 billion in Japan and the United States to supply automotive batteries for battery electric vehicles (BEVs), for which demand is growing, and aims to begin battery production between 2024 and 2026. It is tripling its funding.
With this investment, Toyota intends to increase its combined battery production capacity in Japan and the United States by up to 40 gigawatts (GW)
In Japan, a total of approximately 400 billion yen ($2.8 billion) will be newly invested in the Himeji Plant of Prime Planet Energy & Solutions Co., Ltd. (PPES) and in Toyota plants and property, while in the United States, approximately $2.5 billion dollars will be newly invested in Toyota Battery Manufacturing, North Carolina (TBMNC; owned 90 percent by Toyota Motor North America, Inc. and 10 percent by Toyota Tsusho Corporation) toward increasing automotive battery production.
Toyota expects to start production at the battery plant in 2025.