TOKYO — The U.S. program that subsidizes purchases of electric vehicle built in North America has triggered an investment rush by global automakers, but Japanese companies, which now account for less that 1% of EV production in that market, face an urgent need to create local supply chains to prevent being shut out of the bonanza.
At a Toyota Motor briefing on Friday about its new organizational plans, President Koji Sato emphasized a commitment to develop the next generation of EVs and plans to produce an electric sport utility vehicle in the U.S. in 2025, marking the company’s first local production of EVs.