Toyota to spend £4.5bn on supply of EV batteries

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Toyota to spend £4.5bn on supply of EV batteries

By Alexandra Leonards

31/8/2022

Toyota Motor Corporation has announced it will spend up to £4.5 billion (730 billion yen) on the supply of automotive batteries.

The company said that the investment will help meet the growing demand of battery electric vehicles (EVs).

It plans to start production in Japan and the US between 2024 and 2026.

Toyota will use the money to increase its combined battery production capacity across the two countries by up to 40GWh.

In Japan approximately £2.48 billion (400 billion yen) will be invested in the Prime Planet Energy and Solutions (PPES) Himeji plant and Toyota plants and property.

In the US, around £2.02 billion (325 billion yen) will be newly invested in Toyota Battery Manufacturing North Carolina towards increasing automotive battery production.

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