Toyota aims to create a strong supply chain in Asia by establishing a new electric vehicle battery factory in Japan’s Fukuoka region. This new factory will produce batteries for Lexus models and support production in the region. So why has Toyota been investing so much in electricity lately? Details are in our news…
A new electric vehicle battery factory from Toyota in Japan
Toyota plans to invest $36 billion in the battery-focused electric vehicle field by 2030. It aims to invest a total of 13 billion dollars in the USA. Additionally, approximately 2 billion dollars will be invested in the factory in which they partnered with Panasonic.
Toyota aims to increase annual electric vehicle sales to 3.5 million units by 2030. Lexus will play a key role in Toyota’s electric vehicle strategy and plans to have all its models electric by 2035.
Fukuoka is a region in northern Japan where batteries and semiconductors, which are important components of electric vehicles, are produced. The fact that Fukuoka is approximately 1000 km away from the Chinese cities of Shanghai and Dalian and the Japanese city of Tokyo puts the region in a strategic position. This position could enable Japanese automakers to play an important role as an electric vehicle export base in the Asian market.
With this new factory, Toyota aims to increase its production capacity in Asia and establish a strong supply chain for electric vehicles. What are you thinking? You can share your opinions about this major investment and plans of Toyota in the comments section below.
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