KPMG Australia Cuts 5% of Workforce Amid Scandal 
Norway Backs Barents Sea Oil and Gas Expansion 
Dollar Hovers Near Multi-Month Lows as Treasury Buybacks Rattle Markets 
J.P. Morgan Upgrades Diploma, Lifts Price Target to 8,250p 
ECB Rate Hike Bets Rise as Inflation Risks Persist 
Asian Stocks Slide as Samsung, Alibaba Lead Tech Selloff 
Oil Prices Edge Higher as US-Iran Sanctions Fuel Supply Concerns 
Xiaomi Unveils Xring O3 Chip for Flagship Foldable Phone 
Adidas, Puma Shares Fall as Dick’s Sporting Goods Cuts Outlook 
Unitree Shares Plunge 45% After Blockbuster IPO, Raising China Tech Bubble Fears 
Trump Vows Tougher Iran Sanctions as US Weighs New Economic Pressure 
Alibaba Raises $10.2 Billion to Expand AI Infrastructure 
Indian Sugar Stocks Surge on Tight Supply, Festive Demand 
Apple Cuts Over 200 Siri, Vision Pro Jobs in AI Shift 
Unifor Reaches Tentative GM Deal for 4,600 Ontario Workers 
Gold Prices Hit Three-Month High as Dollar Weakens 
Hanmi Pharm Soars 30% on $2.3 Billion Genentech Obesity Drug Deal 
Add as a preferred source on Google
Toyota Motor Corp's North American division is investing around $3.4 billion in the production of batteries in the United States. This plan was announced on Monday, Oct. 18.
To be more exact, the investment is for Toyota's automotive battery development project as well as production in the U.S. through 2030. According to Reuters, the carmaker further shared that it also has plans to set up a new company and construct a new battery plant in partnership with Toyota Tsusho, the company's metals trading arm.
It was reported that $1.29 billion would be spent on the new factory. The goal is to begin production in the facility by 2025 and this is expected to create at least 1,750 new jobs in the U.S.
The funding for this is said to be part of the initial $13.5 billion that Toyota already announced last month. The amount is to be spent globally by 2030 for the battery development and its battery supply system.
Toyota's main goal for its battery project is to cut the cost of its batteries by 30% or more. The company is planning to work on the materials and the method in which the cells are structured to be able to lower the price.
"Toyota's commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers," Toyota Motor North America's chief executive officer, Ted Ogawa, said in a press release. "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."
At any rate, carmakers around the world are working to shift to electric vehicles. Most major brands are already investing billions for their EV push as the environmental regulations are also being tightened.
Apparently, Toyota is also in the list of brands that are making big changes in their production to comply with the new policies for less carbon emissions. Toyota was said to have been getting criticism from environmental groups since it has not shifted to battery-powered vehicles so this new investment and building of plants for vehicle batteries is just an indication that the company also cares and is ready for the change for a greener Earth.
