May 19, 2024


Unlimited Technology

Toyota guns for electric future fueled by $3.4 billion investment

On Monday, October 18, Toyota announced a $3.4 billion dollar investment in automotive batteries in the U.S through 2030, according to a press statement.  

With North American headquarters planted in Plano, Texas, the automotive company is pledging to turn toward electric cars by developing and localizing car battery production. The move is part of a global company investment of about $13.5 billion dollars announced last month. 

Toyota’s North American branch also announced today that they are planning on developing a new company and build an automotive plant together with Toyota Tsusho in the U.S. Ideally beginning production in 2025, the project will lead to the development of new Toyota facilities, which anticipates the creation of 1,750 new jobs. 

With headquarters in North East Texas and another plant located in San Antonio, it is fair to infer that Texas may be in the running for one of these facilities, though the company has not yet shared where the new U.S. plant will be developed. 

Toyota wouldn’t be the only firm bringing more electric batteries to Texas. Earlier this month, Elon Musk announced his electric car company, Tesla, is moving its headquarters to Austin, Texas from Palo Alto, California. 

“Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” says Ted Ogawa, Chief Executive Officer, Toyota Motor North America in a press statement. “This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility.”

In April, President Biden announced a new goal to reduce national carbon emissions by 50-52 percent reduction from 2005 levels by 2030. 

Initially, the Toyota venture will focus on local development of lithium-ion batteries for hybrid-electric cars. The company says further details on the project will be shared at a later time.


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