Toyota has announced that it will develop a new $1.29 billion battery plant in North Carolina for electric vehicles.
When production begins in 2025, the business anticipates the facility to be able to produce enough lithium-ion batteries for 200,000 all-electric and plug-in hybrid electric vehicles. 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 automakers that have been hesitant to invest in all-electric vehicles are hurrying to bring EV battery component manufacture closer to home in order to cut costs and avoid supply chain disruptions.