While Toyota was one of the pioneers in bringing hybrid electric vehicles to market with its Prius more than 18 years ago, the company will continue to invest in electrification with plans to invest about $3.4 billion in automotive batteries in the U.S. through 2030.
The investment would call on developing and localizing automotive battery production for electric vehicles as part of Toyota’s $13.5 billion global investment into battery development, the company announced last month.
As part of the investment, Toyota will establish a new company and build an automotive battery plant with Toyota Tsusho in the U.S. with the goal for production to start in 2025. The battery plant will include an investment of $1.29 billion until 2031 and will result in 1,750 American jobs.
The venture will first focus on producing batteries for hybrid electric vehicles with the goal to create a net positive impact on the planet and society as Toyota seeks to become carbon neutral, the company said.
Toyota’s electric vehicle efforts thus far include:
- Selling more than 18.7 million electric vehicles, 4.5 million in the U.S.
- Electric vehicles account for nearly 25% of Toyota’s U.S. sales volume with that number rising to nearly 70% by 2030.
- Toyota plans to have 70 models of hybrid, plug-in hybrid, fuel cell and electric vehicles by 2025.
- Of the 70 models, 15 will be all electric, including seven Toyota bZ (Beyond Zero) models.
- By 2030, the company forecasts selling two million zero emission vehicles globally and about 1.5 to 1.8 million in the U.S.