Toyota Motor CEO Koji Sato traveled to the planned battery plant location in Japan’s Fukuoka Prefecture after the company announced the decision to postpone its development amid falling global demand for electric vehicles, Nikkei Asia reported on Tuesday.
Sato visited the location earlier in the day and met with Governor Seitaro Hattori to officially convey the news. The plant was expected to begin operations in 2028 and play a central role in Toyota's push for next-generation EV production. However, sluggish market growth and rising construction costs have led the company to shelve the project for the time being.
