Automaker, Toyota has announced its plans to spend approximately $3.4 billion to scale its battery production capabilities in the US and create about 1,750 jobs.
Toyota said that it will expect to invest $1.29 billion into establishing a new company by the end of 2031 as part of the investment with help from its Toyota Tsusho subsidiary, build a battery manufacturing plant somewhere in the US.
The automaker said that will initially focus on making batteries for hybrid electric vehicles, with production expected to start sometime in 2025 and it will release detailed information on the project, including where it plans to build the plant, in the future.
Toyota has invested Significantly into fuel cell technology more than any other automaker in Its quest to diversify its electrification strategy with not a lot to show for its efforts, at least not in the US. But the company hopes to change that, with it currently planning to offer 70 different electric models, including 15 battery electric vehicles, by 2025.