Toyota, which historically hasn'tmany automakers believe is inevitable, is changing its tune. On Monday, the Japanese automaker announced a whopping $3.4 billion investment to create local battery production here in the US. The dollar amount comes from a grander $13.5 billion investment Toyota announced earlier this year into battery development and production.
The investment will span all sorts of batteries for Toyotas future hybrids, plug-in hybrids and fully electric cars. On the latter, the automaker plans to sell 15 EVs around the world, with the vast majority of them wearing the BZ badge, or "Beyond Zero," like the. Total, the company plans for 70 electrified models by 2025.
Toyota will spend this $3.4 billion investment in the US through 2030, and it will include a new battery production facility in collaboration with Toyota Tsusho, the Toyota Group's trading arm. The company didn't provide details on where the automaker will construct the facility, however. In addition, the company plans to use the money to firm up its supply chain related to materials needed to manufacture batteries. All the while, these operations will create at least 1,750 new jobs in the US and help move the automaker towards carbon neutrality, Toyota said.