Toyota Investing $1.3B in North Carolina Battery Plant
Dec. 8, 2021—Toyota Motor Corp announced on Monday it is building a new $1.29 billion battery plant in North Carolina as it moves to expand its hybrid and electric vehicle efforts, Reuters reported.
The new plant, at a site in Liberty that will begin production in 2025, will initially be capable of supplying lithium-ion batteries for 800,000 vehicles annually, and will "pave the way" for Toyota's U.S. production of electric vehicles, said Chris Reynolds, chief administrative officer for Toyota Motor North America.
The investment is part of Toyota's October announcement it would invest $3.4 billion (380 billion yen) on U.S. automotive battery development and production through 2030.
The funds are part of the $13.5 billion Toyota announced in September it planned to spend globally by 2030 to develop batteries.