Toyota to invest ￥730bn in batteriesEV BOOST: Toyota’s plan to invest ￥325 billion in the US follows the passage of a US law offering tax credits for buying vehicles with batteries made in North AmericaAP, TOKYOToyota Motor Corp is investing ￥730 billion (US$5.26 billion) in Japan and the US to boost production of batteries for electric vehicles (EV), the Japanese automaker said yesterday. In the US, about ￥325 billion would be invested in Toyota Battery Manufacturing in North Carolina, the company said. Toyota has scored success with the Prius and other hybrid models, which have an engine as well as a battery-driven electric motor, and so the company has at times been seen as a laggard on electric vehicles. People inspect a Toyota Motor Corp Lexus NX plug-in hybrid electric vehicle at the Gaikindo Indonesia International Auto Show in Tangerang, Indonesia, on Aug. 18. Photo: BloombergHowever, the global demand for electric vehicles is expected to grow in coming years as fuel prices rise and concerns grow about the environment.

Source: Taipei Times September 01, 2022 03:58 UTC