Toyota Motor Corp. plans to invest $3.4 billion in the U.S. through 2030 to establish a new company and build its first U.S. battery plant, becoming the latest global automaker to accelerate the transition to electric vehicles through a battery push.
Production would start in 2025 and at first focus on batteries for hybrid electric vehicles, creating 1,750 new jobs, the company said in a statement that didn’t disclose the location or production capacity. The investment is specifically for battery work and won’t be used to expand vehicle-assembly capacity, a spokesman said.
