Aug 31 (Reuters) – Toyota Motor Corp (7203.T)said on Wednesday it would invest up to 730 billion.
Yen ($5.27 billion) in Japan and the United States to make batteries for fully electric vehicles, a category of automobile that critics say it has been slow to embrace.
When the additional facilities come on line between 2024 and 2026, Toyota’s battery production capacity in the two countries will have increased by 40 gigawatt-hours, the company said, giving no current figure for comparison.
When the additional facilities come on line between 2024 and 2026, Toyota estimates that its battery production capacity in Japan and North America will total 40 gigawatt-hours.
Their estimate of the increase is not yet provided for comparison.
“This investment is aimed at enabling Toyota to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible.”
With a continued backlash from New York City and Danish pension funds, Toyota Motor Corporation heads into its annual general meeting on Wednesday, under fire from them.
Having caught the eye of environmentalists due to its hybrid Prius model, Toyota has drawn criticism from green investors who say the company has been slow to embrace battery vehicles.