Toyota announces increased North American EV battery plant investment

Toyota announced last year that they would cooperate with Toyota Tsusho to invest $1.29 billion to build a new electric vehicle battery factory in North Carolina. Toyota's announcement on its official website on Wednesday showed that they will increase investment in this battery factory in North America.

Judging from the news announced by Toyota on its official website, its investment in the North Carolina electric vehicle battery factory will increase from the initially planned $1.29 billion to $3.8 billion, which is an increase of $2.5 billion. After the increase in investment, the number of employees required by the factory will also increase. Toyota said on its official website that the increased investment will add 350 jobs, and the number of employees needed after the factory is completed will increase to 2,100.

Toyota also mentioned on its official website that its battery factory in North Carolina is scheduled to start operations in 2025, and the batteries produced will be used in hybrid and pure electric vehicles. Toyota also revealed on its official website that the $3.8 billion invested in the North Carolina battery plant is part of an electrification effort of about $70 billion announced last year, with a planned investment of up to $5.6 billion in batteries.

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