Toyota Motor Corp. TM -0.17%▼ 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 Corp. PCRFY 1.76%▲.
