Toyota will build EV battery plant worth $1.29 billion and produces employment for 1,750 individuals

Toyota will build EV battery plant worth $1.29 billion and produces employment for 1,750 individuals

Summary:

  • Toyota announced Monday afternoon that it will establish a new $1.29 billion battery plant in North Carolina for electric automobiles.
  • When production begins in 2025, the manufacturer anticipates the factory to be able to produce enough lithium-ion batteries for 200,000 vehicles.

Building the New Power Plant for Electric Vehicles

Toyota Motor Corporation announced Monday afternoon that it will establish a new $1.29 billion battery plant in North Carolina for electric vehicles.

The factory is expected to be able to produce enough lithium-ion batteries for 200,000 all-electric and plug-in hybrid electric vehicles, according to the business. The production of this film is set to begin in 2025. The business stated that it intends to increase battery output to 1.2 million vehicles per year in the future.

Toyota has stated that the plant near Greensboro in central North Carolina will create 1,750 employment in the state. The facility’s investment is expected to last until 2031.

Toyota and other manufacturers are scrambling to ramp up production of EV battery components after being hesitant to invest in all-electric vehicles. They’re relocating closer to home to save money and avoid supply chain interruptions.

Focus on producing Jobs

Following a global scarcity of semiconductor chips, the Biden administration has asked corporations to bring more jobs to the United States. They will primarily be supplied from Asia, resulting in major factory closures.

The Toyota plant will be partially funded by a previously announced $3.4 billion investment in electrified vehicles made by Toyota in October. However, the business did not specify where the facility would be located.

Toyota chose North Carolina for the new facility because of “renewable energy availability as well as support from local stakeholders, including governments, utilities, partners, and others,” according to the company.

“Today is the signal of the beginning of a long-term, equally beneficial relationship. In a statement, Ted Ogawa, CEO of Toyota Motor North America, said, “This is with the Tar Heel state as we continue on our road to achieve carbon neutrality and enable mobility for all.”

To make the batteries, the business intends the new plant to run entirely on renewable energy. Toyota has stated that its automobiles and activities would be carbon neutral by 2050.

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