Toyota Motor Corporation will invest up to 730,000 million yen, approximately US$5,600 million, to manufacture batteries for its future electric vehicles. The group aims to begin production of these batteries between 2024 and 2026, increasing its combined battery production capacity by up to 40 GWh.
In Japan, investments will be made at Prime Planet Energy & Solutions Co., Ltd.'s (PPES) Himeji plant and Toyota plants. Toyota intends to continue building a supply system that can meet the growing demand for battery electric models in various regions of the world, including the supply of automotive batteries from its global partners.
This investment is intended to enable Toyota to meet the needs of its diverse customers in all countries and regions by offering multiple powertrains and as many options as possible. The heavy investment announced by the Japanese carmaker is part of the race for electrification in which all carmakers, such as Volkswagen Group (Toyota's main competitor), which will build six gigafactories in Europe and Africa in this decade.
Recently, Japan's Honda and South Korea's LG Energy Solution announced the creation of a joint venture to produce batteries. Both companies will contribute an initial capital of $4,400 million to the joint venture, which will be established later this year once the relevant regulatory processes are completed.
As we have seen, many car brands are planning to build electric cars in the future. Other manufacturers have already started to make electric cars as well. They will probably only make electric cars in the future. If you are interested in automotive news or want to buy a car, on carsotho.com you can find different models of cars, motorbikes and trucks at different prices. The website allows you to contact the sellers directly. Don't forget to subscribe to carsotho.com to receive the latest news from the automotive world, economic news and news from all over Africa.
