11:39 - 29.07.2024

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July 29, Fineko/abc.az. Toyota plans to build a battery manufacturing plant to reduce the cost of its own models and keep up with BYD and other new Chinese electric vehicle manufacturers.

ABC.AZ reports that although Toyota is one of the few automakers that relies on hybrids rather than electric vehicles, the company understands that it needs to compete with Chinese electric vehicle manufacturers such as BYD.

Toyota sees BYD as a greater threat because Chinese cars are more attractive, so it will build a factory to produce batteries for electric vehicles on the island of Kyushu. It will be located 40 km from the Toyota Miyata factory, where Lexus cars are manufactured.

The new plant will be operated by the battery division of Toyota Primeearth EV Energy. The car manufacturer plans to invest $32 billion for electric cars by 2030. Most of this money will be used to develop battery technology. Toyota plans to sell 3.5 million eletric vehicles annually.