Toyota announced on Wednesday that it would increase battery output for electric vehicles in Japan and the United States by up to 730 billion yen ($5.3 billion). A representative for the Japanese firm told AFP that a portion of the funds are part of the massive two-trillion dollar budget it unveiled in December for the research and development of automotive batteries. As governments put more pressure on automakers to abandon cars with internal combustion engines, as well as as a result of the success of Elon Musk's Tesla, the industry is moving more quickly toward electric vehicles. Toyota is the most popular automaker in the world and is a leader in the development of hydrogen fuel as a future fuel. However, adoption of battery-powered electric vehicles, which are thought to be essential for cutting carbon emissions, has been slow until lately. Toyota stated in a statement that it intended to enhance its total battery production capacity in Japan and the US by up to 40 GWh (Gigawatt Hours). Toyota stated that it plans to start making battery-powered vehicle cells in the two nations between 2024 and 2026.
According to the business, roughly 325 billion yen will be invested in the United States and 400 billion yen will be spent in Japan. The company anticipates that a new battery manufacturing facility in North Carolina will start operating in 2025. The announcement follows Honda's Monday announcement of a joint venture with LG Energy Solution of South Korea to invest $4.4 billion in a new US electric car battery plant. Additionally, the Japanese electronics behemoth Panasonic, a supplier to Tesla, revealed last month that it would invest $4 billion to create a new electric vehicle battery factory in the US.
AFP
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