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Toyota to invest $5.3bn to make EV batteries in U.S. and Japan

Japanese automaker to start production between 2024 and 2026

Toyota plans to make more EV batteries as demand for electric vehicles rises.

TOKYO -- Toyota Motor announced on Wednesday that it will invest up to 730 billion yen ($5.3 billion) to expand production of batteries for electric vehicles in Japan and the U.S. in a move to meet increasing EV demand.

The auto giant will invest 400 billion yen domestically in the plant of Prime Planet Energy & Solutions, a joint venture with Panasonic Holdings, as well as Toyota's own plants in Japan. It will also spend 325 billion yen on a battery factory to be built in the state of North Carolina.

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