Toyota pledged to invest up to ¥730 billion, or around $5.6 billion, to boost electric car battery production in Japan and the United States 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.