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Big Law

Toyota Will Invest $35 Billion in Electric Vehicles

Toyota is pumping more than $35 billion into electric vehicles as it tries to catch up with other global automakers in the race to cleaner cars.

The world’s biggest carmaker announced Tuesday that it would invest 4 trillion yen ($35.2 billion) in developing battery-powered electric vehicles between 2022 and 2030 in a bid to mount a more serious challenge to rivals such as Tesla (TSLA)GM (GM) and Volkswagen (VLKAF).
A large chunk of that money will go toward the batteries themselves, with the Japanese company committing another half trillion yen ($4.4 billion) to the technology on top of 1.5 trillion yen ($13.2 billion) previously announced.

Read the source article at cnn.com

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