Toyota To Invest ~$3.4B In Automotive Batteries In US

Shivani Kumaresan
1 min read
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In this article:

  • Toyota Motor Corp (NYSE: TM) announced a .4 billion investment in automotive batteries in the U.S. through 2030.

  • The investment is for developing and localizing automotive battery production and is part of the company’s global total of $13.5 billion (1.5 trillion yen) set aside for investment in battery development and production announced in September.

  • Toyota will also establish a new company and build an automotive battery plant together with Toyota Tsusho in the U.S.

  • The company expects the project to start production in 2025 with an investment of about $1.29 billion until 2031 and to create 1,750 new American jobs.

  • Toyota expects to sell two million zero-emission vehicles (BEVs and FCEVs) globally and in the U.S. by 2030.

  • Price Action: TM shares closed higher by 0.28% at $176.27 on Friday.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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