- Oops!Something went wrong.Please try again later.
The investment is for developing and localizing automotive battery production and is part of the company’s global total of $13.5 billion (1.5 trillion yen) set aside for investment in battery development and production announced in September.
Toyota will also establish a new company and build an automotive battery plant together with Toyota Tsusho in the U.S.
The company expects the project to start production in 2025 with an investment of about $1.29 billion until 2031 and to create 1,750 new American jobs.
Toyota expects to sell two million zero-emission vehicles (BEVs and FCEVs) globally and in the U.S. by 2030.
Price Action: TM shares closed higher by 0.28% at $176.27 on Friday.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.