Toyota Motor Corp TM disclosed an investment of around $50 million to build a new laboratory facility at its R&D headquarters in Michigan.
The new investment revolves around evaluating batteries for electric and electrified vehicles to meet North American customer requirements.
The operations at the new battery lab is expected to begin in 2025.
The new facility will also support Toyota's manufacturing at plants in North Carolina and Kentucky.
Related: Toyota Boosts North Carolina Battery Plant Investment By $2.1B
"This new investment in our North American R&D operation, which has been a key pillar of the Michigan automotive industry for more than 50 years, shows Toyota's directional shift towards electrification for all. By adding these critical evaluation capabilities around automotive batteries, our team is positioned to better serve the needs of our customers, including Toyota Battery Manufacturing North Carolina and Toyota Motor Manufacturing Kentucky, the latter of which will soon be assembling the recently announced all-new, three-row, battery electric SUV," said Shinichi Yasui, executive VP of Toyota Motor North America, Research and Development.
The company has invested over $8 billion in its U.S. manufacturing operations in the last two years to enable product electrification.
Related: Going All Electric Is Not The Best Choice For The Environment: Toyota
By 2030, Toyota plans to invest more than $70 billion in vehicle electrification.
Also Read: Toyota's Soaring April Sales: Hybrids and EVs Stealing the Show
Price Action: TM shares are trading higher by 1.10% at $146.91 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
