Toyota Expands EV Production With New Fukuoka Battery Plant: Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 26 2024
0mins
Should l Buy TM?
Source: Benzinga
New Battery Plant Announcement: Toyota plans to build a new battery plant in Fukuoka, Japan, to enhance its electric vehicle (EV) production capabilities and support the manufacturing of luxury Lexus cars. The company aims to make Kyushu a key hub for its EV supply chain.
Future EV Goals: Toyota's EV-centric unit, BEV Factory, is expected to help achieve the company's goal of selling 3.5 million EVs annually by 2030, with next-generation batteries rolling out globally starting in 2026.
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About TM
Toyota Motor Corp is a Japan-based company mainly engaged in the automotive business, as well as financial services and other businesses. It operates through three business segments. The Automotive segment designs, manufactures, and sells automobiles, including sedans, minivans, compact cars, sport utility vehicles (SUVs), and trucks, as well as related parts and accessories. The Financial Services segment provides financing and vehicle leasing services to complement the sales of automobiles and other products manufactured by itself and its affiliates. The Other segment engages in information and communications services. It also oversees manufacturing and sales companies, conducts public relations and research activities, oversees financial companies, and develops various mobility products, primarily software.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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