Japanese automotive manufacturer, Toyota has recently announced that it will pump $3.4 billion (Rs 25,163 crore) in automotive battery manufacturing in the United States by 2030.
As per an announcement made by Toyota Motor Corporation, the investment is specifically for building and localizing the production of automotive batteries, including those used for electric vehicles.
The funds will be part of the global total of approximately $13.5 billion (Rs 99,913 crore) that is kept aside for investment in battery development and production.
Furthermore, Toyota Motor North America announced that it would set up a new company and develop an automotive battery plant along with Toyota Tsusho in the U.S. to drive battery production localization.
The project, which aims to begin production in 2025, comprises a $1.29 billion (Rs 9,547 crore) investment until 2031, which will be utilized to develop land and create facilities, resulting in the creation of 1,750 new jobs in America.
Ted Ogawa, Chief Executive Officer, Toyota Motor North America, said that their firm’s commitment to electrification is to ensure long-term viability for the environment, American employment, and consumers.
This investment will assist in bringing more cheap electric vehicles to American customers, decrease carbon emissions considerably, and, most importantly, generate even more American jobs connected to the future of transportation.
The company's initial focus will be on manufacturing batteries for hybrid electric cars, consequently helping it build and grow its local supply chain and manufacturing skills linked to Lithium-ion car batteries.
Furthermore, the move is intended to aid Toyota's efforts to positively impact the world and society, including progressing toward carbon neutrality with a sustainable and realistic approach. Toyota adds that more information about the project, such as the manufacturing capacity, location, and company structure, would be disclosed soon.