Toyota to Put Additional Billions of Dollars Into EV Batteries

TOKYO—Toyota Motor laid out plans for spending $5.6 billion on electric-vehicle battery capacity, as it moves to catch up after expressing doubts about how quickly the world should shift toward EVs.

On Wednesday, Toyota said it planned to spend about $2.5 billion on scaling up production at a plant it is building in North Carolina. Another roughly $3 billion will be invested in plants in Japan as well as a facility operated by Prime Planet Energy & Solutions Co., a joint venture of Toyota and Panasonic Holdings