Toyota will spend up to ¥730bn ($5.3bn) in the US and Japan to accelerate its production of batteries, the latest in a series of investments by Asian carmakers as part of their push into electric vehicles.
Wednesday’s announcement by the world’s largest carmaker came just two days after rival Honda and South Korea’s battery maker LG Energy Solution said they would spend $4.4bn to build a new battery plant in the US.
While many carmakers have signed deals with battery manufacturers, Toyota has focused its efforts on producing batteries internally, believing this can provide a critical competitive advantage in the electric vehicle era.
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