Toyota wants to build a new battery factory in Japan in order to compete with Chinese electric car manufacturers.
As the transition to electric vehicles accelerates worldwide, batteries are at the heart of these vehicles.
For this reason, battery production has become a critical factor for companies that want to lead the electric vehicle market.
Toyota has decided to build a new battery factory in Japan in order to gain a stronger position in the competition in the electric vehicle market.
This investment will allow the company to compete more effectively against its competitors, especially Chinese manufacturer BYD, with the batteries to be produced for the luxury vehicle brand Lexus.
According to the Japan Automobile Importers Association (JAIA), Chinese electric vehicles accounted for 10 percent of the cars imported by Japan in the first half of 2024.
Although the country is dominated by domestic manufacturers and European luxury car manufacturers such as BMW and Mercedes, Chinese manufacturers have slowly begun to increase their market share.
Toyota is looking to counter BYD’s rise with a new electric vehicle battery factory planned on Kyushu, the southernmost of Japan’s four main islands.
Toyota’s new facility will help boost exports to Asia by expanding its electric vehicle supply chain.
Toyota aims to invest $32 billion in electric vehicles by 2030 and sell 3.5 million electric cars annually by 2030.
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