Toyota Motor's North American unit will invest about $3.4 billion on U.S. automotive battery development and production in the United States through 2030.
The world's largest automaker by volume also said it plans to establish a new company and build a new U.S. automotive battery plant together with Toyota Tsusho, the automaker's metals trading arm and a unit of the Toyota Group.
The world's largest automaker by volume also said it plans to establish a new company and build a new U.S. automotive battery plant together with Toyota Tsusho, the automaker's metals trading arm and a unit of the Toyota Group. Toyota said the new company will initially focus on producing batteries for hybrid vehicles. Toyota said it will later disclose production capacity, the new company's business structure and the plant site.
Automakers around the world are investing billions of dollars to ramp up battery and electric vehicle production as they face increasingly stringent environmental regulations.
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