Asian Tech Press (OCT 19) -- Toyota announced Monday it will invest $3.4 billion in automotive batteries in the United States, including nearly $1.3 billion in an unnamed battery plant

Toyota Motor said Monday it will invest $3.4 billion in automotive batteries in the United States, including its plans to spend $1.3 billion on a new battery plant in the United States.

The Japanese automaker is ramping up developing and producing key components needed for hybrid and electric vehicles.

The announcement comes as rivals such as General Motors and Ford have also announced plans to build battery plants or electric vehicle assembly plants in the United States.