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Toyota Announces Investment To Increase Battery Production Capacity In Japan & The U.S.

Toyota Motor Corp. (TYT.L,TM) has decided to invest up to 730 billion yen in Japan and the United States toward supplying automotive batteries for battery electric vehicles. The company plans to begin battery production between 2024 and 2026. With the investment, Toyota intends to increase its combined battery production capacity in Japan and the United States by up to 40 GWh.

The company noted that, in Japan, a total of approximately 400 billion yen will be newly invested in the Himeji Plant of Prime Planet Energy & Solutions Co., Ltd. and in Toyota plants and property. In the U.S., approximately 325 billion yen will be newly invested in Toyota Battery Manufacturing, North Carolina toward increasing automotive battery production.

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