Toyota invests in EV battery production in Japan, US

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toyota is investing 730 billion yen ($5.6 billion) in Japan and the U.S. to boost production of batteries for electric vehicles. The Japanese automaker says production is set to start between 2024 and 2026. It’s investing 400 billion yen, or $3 billion, in Japan and 325 billion yen, or $2.5 billion, in the U.S. Toyota, which has scored success with the Prius and other hybrid models, has at times been seen as a laggard on electric vehicles. But the global demand for electric vehicles is expected to grow, as gas prices rise and concerns grow about the environment.