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Toyota to invest close to $14bn for EV battery development
Toyota Motor will invest JPY1.5trn (USD13.6bn) in research and development for electronic vehicle’s (EV) battery, marking the start of a major shift from the automaker’s decades-long hybrid EV production. The Japanese automaker was the major pioneer in introducing hybrid EV (HEV) which combines combustion engine with battery that resulted in more efficient energy use and lowering emission.