WASHINGTON (Reuters) -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. 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 will be made by a new company called Toyota Battery Manufacturing and is expected to create 1,750 new U.S. jobs.
Toyota Motor Corp is announcing Monday it will build batteries at a new $1.29 billion plant in North Carolina as it moves to expand its electric vehicle efforts. The largest Japanese automaker is announcing it will locate the plant at a site in Liberty, N.C. that will begin production 2025 and be capable of supplying lithium-ion batteries for 800,000 vehicles annually. The $1.29 billion investment made by Toyota and Toyota Tsusho as part of a new company called Toyota Battery Manufacturing and is expected to create 1,750 new U.S. jobs.
(Bloomberg) -- Toyota Motor Corp. is planning to invest billions of dollars in a battery plant to be built on the outskirts of Greensboro, North Carolina, as part of the automaker’s efforts to ramp up output of electrified vehicles in the U.S., according to people familiar with the matter.Most Read from BloombergBillionaire Family Feud Puts a Century-Old Business Empire in JeopardyAsia’s Richest Man Looks to Walton Family Playbook on SuccessionThe 24-Year-Old Aiming to Dethrone Victoria’s Secret