Motoring: Toyota to invest $3.4 billion on US automotive batteries through 2030 – Gulf Digital News

  • Date: 18-Oct-2021
  • Source: Gulf Daily News
  • Sector:Transport
  • Country:Gulf
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Motoring: Toyota to invest $3.4 billion on US automotive batteries through 2030 – Gulf Digital News

Toyota Motor Corp's (7203.T) North American unit said Monday it will invest about $3.4 billion (380 billion yen) 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 (8015.T), the automaker's metals trading arm and a unit of the Toyota Group.

The new plant, which includes a planned $1.29 billion Toyota investment through 2031, aims to start production in 2025 and is expected to create 1,750 new U.S. jobs.