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Toyota announces $3.4B battery, production investment in U.S.

Toyota announces $3.4B battery, production investment in U.S.
Toyota said Monday it is planning a $3.4 billion investment into battery development and production in the United States. Photo courtesy of Toyota

Oct. 18 (UPI) -- Toyota announced plans to invest $3.4 billion into battery development and production in the United States on Monday.

The company will also start a new company and battery plant in the U.S. with Toyota Tsusho, the company's metals trading branch. By 2030, Toyota aims to offer seven zero-emissions models, 15 battery electric vehicles, and 70 electrified vehicles altogether.

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The move is part of a larger $13.5 billion investment in battery development and production Toyota announced last month, according to the company.

Toyota will create 1,750 new jobs by 2031. While the company said it will focus on producing batteries for its hybrid electric vehicles, more details on the project including production capacity and business structure will be shared later.

The largest automaker by volume has sold 4.5 million electrified vehicles in the United States, accounting for nearly a quarter of all sales in the country. The number is expected to rise to 70% by 2030.

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