The world’s largest automaker, Toyota, plans to spend $ 3.4 billion by 2030 to develop and manufacture car batteries in the United States. The company announced this a little more than two months after it became known about lobbying among American politicians for the idea of slowing down the transition to electric transport.
As part of the upcoming deal, Toyota will build a new $ 1.29 billion plant in the United States to manufacture batteries for electric and hybrid vehicles, which the company says will create 1,750 new jobs. Back in July last year, many media reported that Toyota executives secretly met with representatives of Congress to persuade them to oppose the Biden administration’s plans to allocate billions of dollars to stimulate the transition to electric vehicles. The company also opposed the administration’s intentions to accept the so-called California compromise when a group of automakers struck an emissions deal with the state of California, which wanted to impose stricter regulations than the rest of the country.
Since then, a number of rivals of the Japanese auto giant have taken steps to accelerate the production of electric vehicles in the United States, including Ford, which announced plans to spend $ 11.4 billion to build several new factories for the production of batteries for electric vehicles, as well as Stellantis, which intends to build its own plant. for the production of batteries to reach 40% of electric vehicle sales in the United States.
Despite all its attempts to undermine the electrification of transport, Toyota is positioning itself as an active participant in this market. The Japanese auto giant wants to create a new subsidiary to run its battery business alongside Toyota Tsusho, which produces a range of parts for the automaker.
Toyota was one of the early adopters of electric vehicles. Since the release of the Toyota Prius in 1997, she has helped Tesla and other companies go down the road, proving that alternative powertrain cars can be hugely popular. Toyota recently announced plans to launch 70 new car models, including hydrogen fuel cell vehicles and gas-electric hybrids.
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