Toyota plans to build a new electric vehicle battery factory in Japan's "Silicon Island" to compete with BYD and other Chinese EV manufacturers. Toyota has been relatively slow in the global EV transition but has realized it must catch up quickly. BYD has performed exceptionally well in the Japanese market, with significant growth in its import volume.
Toyota's new factory will supply batteries for Lexus, helping to boost exports to Asia, establish an EV supply chain, and avoid transportation costs and time wastage. Toyota plans to invest $32 billion in the EV sector by 2030, targeting annual sales of 3.5 million electric vehicles.
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