The Strategist

Toyota to invest $13.5B in electric cars batteries

09/08/2021 - 05:50

Japanese carmaker Toyota announced that it plans to invest $13.5 billion in the development and production of batteries for electric vehicles by 2030.

The company announced this at a meeting with investors and the press, which was dedicated to electric cars and batteries for them.

Nine billion of this amount will go toward building plants to produce such batteries. Toyota didn't say how many plants it plans to build in total, but announced that by 2025 there should be 10 production lines, and about 70 by the end of the decade (one plant could have multiple production lines). 

The potential capacity of the batteries produced there per year will be about 200 gigawatt-hours. The company will spend the remaining $4.5 billion on research in this area and the development of such batteries.

Like many other automakers, Toyota plans to significantly increase production of electric cars in the next few years - the company plans to sell 2 million electric cars a year by the end of the decade. 

Other major automakers, including General Motors, Ford and Volkswagen, have also announced plans to build plants to produce batteries for electric cars.