Toyota to invest $13.6 bil. in EV batteries

Toyota Motor says it will invest about 13.6 billion dollars in batteries for hybrid and electric vehicles by 2030.

Toyota says the investment will be used for both development and production of batteries. It has plans to establish about 70 production lines in Japan and abroad.

It is part of Toyota's goal of increasing annual sales of fully or partially electric vehicles to 8 million by 2030.

The automaker also says it wants to cut the cost of batteries in half, while improving power consumption by 30 percent.

Chief Technology Officer Maeda Masahiko said Toyota will hold talks with new partners, and expressed hope that the firm will contribute to carbon neutrality by promoting hybrid and electric vehicles.

Volkswagen and General Motors are among the other automakers investing in developing batteries that are cheaper and last longer.