Asian carmakers have made a series of new investments in electric vehicle battery production. Japanese car manufacturer Toyota recently announced an investment of USD5.3 billion for new battery production plants in Japan, including its joint venture with Tesla supplier Panasonic, and in North Carolina, US. The world’s largest carmaker plans to begin production in the two regions between 2024 and 2026, with the aim of increasing total battery production by 40GWh.
South Korean battery company LG Energy Solution and Japanese carmaker Honda have also announced a USD4.4 billion investment to build a battery production plant in the US, with the location yet to be disclosed. Construction is set to begin in 2023, with mass production of lithium-ion batteries expected to begin by the end of 2025. Earlier this year…
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