Toyota plans to invest $1.29 billion in a new factory in the United States to produce batteries for gas-electric hybrid and fully electric vehicles.
The site of the plant was not disclosed, but the business stated that it will eventually employ 1,750 people and begin manufacturing batteries in 2025, progressively increasing through 2031.
The project is part of a $3.4 billion investment in vehicle batteries by Toyota in the United States over the next decade. It didn’t say how the remaining $2.1 billion will be spent, although it’s probable that some of it will go toward a new battery plant.
It comes on the heels of a flurry of global statements about ramping up battery output for electric automobiles. The majority of automakers are working to replace internal combustion engines with zero-emission battery automobiles.
Stellantis, formerly Fiat Chrysler, and LG Energy Solution announced on Monday that they will develop a battery production plant to help the automaker achieve its goal of having electric vehicles account for 40% of its U.S. sales by 2030. They didn’t specify the location of the factory.
Also on Monday, Foxconn Technology Group, a Taiwanese company that manufactures iPhones for Apple and others, announced that it will develop electric cars and buses for automakers in China, North America, Europe, and other markets.
