Toyota listed on the New York Stock Exchange with the initials TM (NYSE:TM) will invest approximately $3.4B in automotive batteries in the United States through 2030.
The company looks to develop and localize automotive battery production, including those for battery electric vehicles, and is part of the global total of approx. $13.5B set aside for investment in battery development and production announced last month.
Toyota Motor North America also announced to establish a new company and build an automotive battery plant together with Toyota Tsusho in the U.S. with an aim start production in 2025, the project includes an investment of approximately $1.29B until 2031 and the creation of 1,750 new American jobs.
"Toyota's commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers," said Ted Ogawa, Chief Executive Officer, Toyota Motor North America. "This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility."