Toyota invests $2.1 bn in production of batteries for electric vehicles

11:27 - 1.06.2023


June 1, Fineko/abc.az. Japanese automobile concern Toyota has decided to allocate investments in the amount of 290 bn yens (about $2.1 bn) aimed at ensuring the production of batteries for electric vehicles in the U.S., ABC.AZ reports with reference to automaker's website.

The production will be carried out at Toyota's facility in North Carolina. The corresponding products will be used from 2025 for the production of electric vehicles at the automaker's plant in Kentucky.

Toyota executive vice president Hiroki Nakajima announced on April 7 that the automaker expects to develop 10 new models of electric vehicles by 2026. The sales volume will be 1.5 million cars a year.

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