Toyota has launched a new company in China focused on the development and production of Lexus battery electric vehicles (BEVs) and automotive batteries.

In the U.S., Toyota is investing $14 billion in a new battery manufacturing facility in North Carolina, which is anticipated to create around 5,000 jobs.

This facility is scheduled to begin production and start shipping batteries by April 2025.

Toyota's recent financial report highlights the urgent need for accelerated development of BEVs and batteries in both the U.S. and China to meet rising market demands.

Despite entering the BEV market later than some competitors, Toyota's financial report reflects a strong commitment to electrification and adapting to local market needs.

The North Carolina facility will manufacture batteries for a range of vehicle types, including conventional hybrids, plug-in hybrids, and full BEVs.

The company is significantly shifting its focus towards battery-electric vehicles, as evidenced by its strategic investments and initiatives.

Recognizing the high sales of plug-in vehicles in China, Toyota is prioritizing its involvement in the BEV market there.