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The world’s biggest carmaker is spending billions to ensure it can supply the batteries it needs in the future.
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Toyota has announced it will invest ¥730 billion ($AU7.7 billion) towards electric vehicle battery manufacturing in the US and Japan.
Breaking ground in 2024, Toyota says it seeks to increase battery production to 40GWh (gigawatt-hours) in both countries, ensuring crucial supply as the company continues the roll out of its electric-only models in global markets.
That’s equivalent to about 560,000 batteries for Toyota’s first mass-produced global electric car, the BZ4X medium SUV.
“Toyota intends to continue its efforts to build a supply system that can steadily meet the growing demand for BEVs in various regions, including the supply of automotive batteries from its partners,” the company said in a statement.
This week, images of the Japanese car giant’s second dedicated electric vehicle – the BZ3 sedan – emerged online, expected to follow the release of the BZ4X SUV, which is now on sale overseas.
Alongside its electric-vehicle push, Toyota is actively pursuing other means of zero-emissions propulsion, saying it “believes that there is more than one option for achieving carbon neutrality”.
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