• September 30, 2022 13:28

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Electric car: Toyota to invest €5.3 billion to build its own batteries

Sep 3, 2022
Electric car: Toyota to invest €5.3 billion to build its own batteries

Electric car: Toyota to invest €5.3 billion to build its own batteries

BIG PROJECT Two factories will be opened around 2025

 

Toyota announced on Wednesday that it would invest 730 billion yen (5.3 billion euros) to launch its own production of electric batteries in Japan and the United States. Production is expected to start between 2024 and 2026.

In 2021, Toyota announced a package of 2 trillion yen to develop and produce electric batteries over the period 2022-2030. The 730 billion announced on Wednesday are part of it. The group plans to invest 400 billion yen in a factory in Japan and 330 billion yen in its plant under construction in North Carolina (United States).

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Thirty electric models by 2030

This project will bring to nearly four billion euros the total investment of the world’s number one automobile in this American battery plant, whose activity is due to start in 2025. The White House sees it as a “sign that the president’s economic plan ushers in a new era of American manufacturing and economic competitiveness.”

Long skeptical about the potential of electric vehicles, Toyota has started in 2021 to not be left behind by the competition. The group plans to launch 30 100% electric models by 2030 and plans to invest around thirty billion euros by then for research and development and the production of electric vehicles and batteries.

But the Japanese manufacturer refuses to put all its eggs in one basket. It is therefore continuing its colossal investments in hybrid vehicles, of which it is the world champion, and in other technologies (hydrogen). “There is more than one option to achieve carbon neutrality,” Toyota said in its latest statement. “Ways to reduce CO2 emissions […] vary enormously between countries and regions. »

Electric car: Toyota to invest €5.3 billion to build its own batteries
Electric car: Toyota to invest €5.3 billion to build its own batteries

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