Toyota invests in EV battery production in Japan, US

Aug 30, 2022, 12:11 PM | Updated: Aug 31, 2022, 12:12 am
FILE - A logo of Toyota Motor Corp. is pictured at a dealer in Tokyo May 11, 2022. Toyota is invest...

FILE - A logo of Toyota Motor Corp. is pictured at a dealer in Tokyo May 11, 2022. Toyota is investing 730 billion yen ($5.6 billion) in Japan and the U.S. to boost production of batteries for electric vehicles, the Japanese automaker said Wednesday, Aug. 31, 2022. (AP Photo/Eugene Hoshiko, File)

(AP Photo/Eugene Hoshiko, File)

TOKYO (AP) — Toyota is investing 730 billion yen ($5.6 billion) in Japan and the U.S. to boost production of batteries for electric vehicles, the Japanese automaker said Wednesday.

Production is set to start between 2024 and 2026. In Japan, 400 billion yen ($3 billion) will go into the Himeji Plant of Prime Planet Energy & Solutions Co. in Japan, as well as in Toyota plants and property. In the U.S., about 325 billion yen ($2.5 billion) will be invested in Toyota Battery Manufacturing in North Carolina, Toyota Motor Corp. 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. But the global demand for electric vehicles is expected to grow in coming years as gas prices rise and concerns grow about the environment.

Earlier this week, Japanese rival Honda Motor Co. announced with major South Korean battery maker LG that they were investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, with mass production of advanced lithium-ion battery cells to start by the end of 2025.

Toyota reiterated its position that “there is more than one option for achieving carbon neutrality,” highlighting how its efforts with hybrids and fuel cells run on hydrogen can also be solutions. The options may depend on where a customer lives, according to the manufacturer, based in the city of Toyota in central Japan.

“This investment is aimed at enabling Toyota to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible,” it said in a statement.

Other automakers, including Ford Motor Co., General Motors, Hyundai-Kia, Stellantis and VinFast have announced plans for U.S. battery plants.

A new U.S. law offers an incentive to build batteries in North America, including a tax credit of up to $7,500 that could be used to defray the cost of buying an electric vehicle. To qualify for the full credit, the electric vehicle must contain a battery built in North America with 40% of the metals mined or recycled on the continent.

___

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

(AP Photo/Gerry Broome, File)...
Associated Press

Fish and Wildlife shoots wrong wolf, more attacks confirmed

Wolves from two packs in northeast Washington state have attacked more cattle
8 hours ago
Low yielding cotton plants grow at sunset, Tuesday, Oct. 4, 2022, near Cotton Center, Texas. Drough...
Associated Press

Drought takes toll on country’s largest cotton producer

LUBBOCK, Texas (AP) — The cotton harvest is about to get underway in the Texas High Plains, the windswept region that grows most of the crop in the nation’s top cotton-producing state. But Barry Evans, like many others, has already walked away from more than 2,000 acres (809 hectares) of his bone-dry fields. “It just […]
1 day ago
From left, Minister of State for Northern Ireland Steve Baker, the Secretary of State for Northern ...
Associated Press

UK, Ireland signal new hope of deal to end Brexit trade feud

LONDON (AP) — Britain and Ireland hailed a new spirit of compromise on Friday in a grinding feud over post-Brexit trade rules, expressing hope of making enough progress in the next three weeks to avoid a destabilizing new election in Northern Ireland. It comes as new British Prime Minister Liz Truss seeks to improve relations […]
1 day ago
Branislav Borenovic, leader of Party of Democratic Progress (PDP), addresses the media after submit...
Associated Press

Bosnia election officials investigate possible vote-rigging

SARAJEVO, Bosnia-Herzegovina (AP) — Bosnia’s election authorities expressed concerns Friday over widespread problems at polling stations and reports of irregularities and vote-rigging in the general election last weekend. They ordered ballot checks at over 1,000 polling stations and promised to investigate all potential failings before certifying the results of the vote. Members of the country’s […]
1 day ago
Associated Press

Malaysian wildlife traffickers hit with US sanctions

WASHINGTON (AP) — The U.S. on Friday targeted a Malaysian wildlife trafficker and his transnational criminal organization for financial sanctions related to the illegal shipment of rhino horn, ivory and other specimens. The Treasury Department said Malaysian national Teo Boon Ching, his trafficking organization and the Malaysian firm Sunrise Greenland Sdn. Bhd. engage in the […]
1 day ago
Associated Press

Pink diamond breaks auction record in Hong Kong

HONG KONG (AP) — A pink diamond was sold for $49.9 million in Hong Kong on Friday, setting a world record for the highest price per carat for a diamond sold at auction. The 11.15-carat Williamson Pink Star diamond, auctioned by Sotheby’s Hong Kong, sold for $392 million Hong Kong dollars ($49.9 million). It was […]
1 day ago

Sponsored Articles

Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
Toyota invests in EV battery production in Japan, US