Toyota to invest $ 3.4 billion in batteries in the United States

par David Shepardson

WASHINGTON, Oct. 18 (Reuters) – Toyota 7203.T on Monday announced its intention to invest, through its North American subsidiary, around 3.4 billion dollars (2.9 billion euros) by 2030 in the development and production of automotive batteries in the United States.

The world’s largest automaker in terms of volume plans to create a new company and build a new battery plant in the United States with Toyota Tsusho 8015.T, its metals trading subsidiary.

An investment of $ 1.29 billion is planned until 2031 for this new plant whose production should start in 2025 and which should create 1,750 jobs in the United States.

This investment is part of the global envelope of $ 13.5 billion that Toyota has planned to devote to the development of batteries and its supply of batteries by 2030.

The Japanese automaker said in September that it wanted to cut its battery costs by at least 30% by reworking the choice of materials and cell architecture.

The new plant will initially focus on batteries for hybrid vehicles. The Japanese manufacturer has not provided its production capacity, nor its precise location.

In a statement, Ted Ogawa, chief executive of Toyota North America, said the investment would provide “more affordable electrified vehicles for American consumers.”

US President Joe Biden signed a decree in August setting the target that the share of emission-free vehicles represents at least half of the total number of new registrations by 2030.

(Report David Shepardson; French version Claude Chendjou, edited by Jean-Stéphane Brosse)

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