Sourcing Renewables - October 18, 2021
Toyota to Invest $3.4 Billion in US Automotive Battery Production
Toyota announced Oct. 18 its plans to invest approximately $3.4 billion for developing and localizing automotive battery production in the U.S. through 2030.
The investment is just a portion of the $13.5 billion that Toyota Motor Corporation announced that it will be investing in battery development and production globally. Along with Toyota Tsusho, Toyota Motor North America will be establishing a new company and production plant focused on automotive batteries.
Production at the plant is expected to begin in 2025 alongside an investment of approximately $1.29 billion until 2031. Toyota will focus on expanding its local supply chain and production knowledge related to Lithium-ion batteries, with an initial focus on hybrid electric vehicles.
“Toyota's commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” said Ted Ogawa, CEO of Toyota Motor North America, said in a statement. “This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility.”
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