Toyota plans to build battery factory in Southeast Asia

• Toyota (NYSE:TM) is expected to build a hybrid battery production plant somewhere in Southeast Asia to help it meet demand for PHEVs in the region, according to a top exec.
• The Japanese automaker needs to lower the cost of its batteries in order to be competitive in the PHEV market at scale.
• Toyota is also continuing to develop fuel cell technology as a platform for long-range vehicles in addition to its EV, PHEV, and hybrid models.