Toyota investing $5.6 billion to build EV batteries, despite its own doubts
New York (CNN Business) Toyota announced plans Wednesday to invest $5.6 billion in new plants to build electric vehicle batteries in Japan and the United States. But unlike other automakers who are going all-in on EVs, Toyota said it’s still not convinced that’s the best path forward.
‘ only emissions would be water vapor, which complies with tougher environmental regulations now being put in place, such as the rules announced by California last week that would Toyota has been investing more than other automakers in efforts to develop electric vehicles powered by on-board hydrogen fuel cells rather than rechargeable batteries . The fuel cellsonly emissions would be water vapor, which complies with tougher environmental regulations now being put in place, such as the rules announced by California last week that would ban cars with gas-powered internal combustion engines by 2035.
Toyota’s statement on the new battery plant investment suggested it is still looking at ways to meet tougher emission rules without depending solely on battery-powered EVs.
“Toyota believes that there is more than one option for achieving carbon neutrality. It also believes that the means of reducing CO2 emissions as much as possible and as quickly as possible while protecting the livelihoods of its customers vary greatly depending on the country and region,” Toyota said in its statement. “With such in mind, Toyota will continue to make every effort to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible.”
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