Toyota pledged to invest up to 730 billion yen (R97 billion) to boost electric car battery production in Japan and the US as consumer demand for cleaner transport takes off globally.
Battery production is expected to begin between 2024 and 2026, the world’s biggest automaker said in a statement Wednesday.
“This investment is aimed at enabling Toyota to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible,” Toyota said.
Although Toyota sees hybrid and even hydrogen fuel cell cars as part of a green future, it has hastened its push to electrify more of its lineup in recent months.
In December, it promised to be ready to sell only zero-emission cars in Europe by 2035, aligning with the European Union’s green deal measures proposed earlier in 2021.
Source: Toyota investing R97 billion into electric cars – TopAuto
