Another big global automaker has set off in hot pursuit of Tesla (TSLA): the world’s largest carmaker, Toyota Motors (TM).
The company has said it will pour $35 billion into its shift toward electric vehicles (EVs), with the sum split more or less evenly between vehicle development and battery improvement.
Toyota’s investment in electric car batteries is a roughly 30% increase from the plan the company announced in September. Toyota will ramp up its battery production capacity to 280 gigawatt-hours by 2030, a 40% increase over previous plans.
This post first appeared at Investors Alley.