Benzinga | Oct 18, 2021 07:18AM EDT

Toyota To Invest ~$3.4B In Automotive Batteries In US

* Toyota Motor Corp (NYSE:TM) announced a $3.4 billion investment in automotive batteries in the U.S. through 2030.

* The investment is for developing and localizing automotive battery production and is part of the company's global total of $13.5 billion (1.5 trillion yen) set aside for investment in battery development and production announced in September.

* Toyota will also establish a new company and build an automotive battery plant together with Toyota Tsusho in the U.S.

* The company expects the project to start production in 2025 with an investment of about $1.29 billion until 2031 and to create 1,750 new American jobs.

* Toyota expects to sell two million zero-emission vehicles (BEVs and FCEVs) globally and in the U.S. by 2030.

* Price Action: TM shares closed higher by 0.28% at $176.27 on Friday.