Toyota Boosts North Carolina Battery Plant Investment By $2.1B

  • Toyota Motor Corp TM plans to assemble an all-new, three-row, battery electric SUV at Toyota Kentucky starting in 2025.
  • The company's first U.S.-assembled BEV will be powered by batteries from Toyota North Carolina.
  • The new battery plant is currently under construction and will receive an additional $2.1 billion investment.
  • Also ReadToyota Signs MoU With Daimler Truck To Merge Japanese Truck Operations
  • This brings total investment in Toyota North Carolina to $5.9 billion, and it will be Toyota's hub for developing and producing lithium-ion batteries needed for its expanding portfolio of electrified vehicles.
  • "We are committed to reducing carbon emissions as much as possible and as soon as possible," said Ted Ogawa, president and chief executive officer, Toyota Motor North America.
  • "To achieve this goal, customers must have access to a portfolio of options that meet their needs now and in the future."
  • Also ReadToyota To Turn Coal Mine Into Solar Facility As Part Of Carbon-Neutral Initiative
  • Price Action: TM shares closed lower by 1.16% at $136.13 on Wednesday.

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