Toyota says it’s investing $13.6B in car batteries over the next decade

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Toyota says it’s investing .6B in car batteries over the next decade

Toyota will invest around $13.6 billion in battery tech over the next decade, including a $9 billion investment in production, as it attempts to electrify its vehicle lineup, The Wall Street Journal reports. It reportedly plans to have 10 battery production lines by 2025, eventually increasing to around 70 across an unannounced number of factories around the world. Eventually, it could produce as much as 200GWh of batteries, the company’s chief technology officer, Masahiko Maeda, announced in a press briefing.

Toyota’s commitments mirror similar investments planned by others across the auto industry. Volkwagen plans to produce around 240GWh of batteries in Europe alone by 2030, the WSJ notes, while Ford has said it plans to produce 240GWh globally by then, including 140GWh in North America.

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It’s a big investment from Toyota, and indicates the world’s largest car manufacturer by volume is getting more serious about electrifying its lineup. Although the company was an early leader in gas-electric hybrid cars with the Prius, it reportedly viewed hybrids as a stopgap measure until hydrogen fuel cells became competitive. Now, the company is playing catch-up with the likes of Nissan, and has reportedly lobbied to slow the US’s transition to electric vehicles.

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