Toyota plans to build $1.3 billion battery plant in the U.S.
The U.S. investment will include a $1.29 billion lithium-ion battery plant, built in partnership with Toyota Tsusho.
Toyota Motor Corp. plans to invest US$3.4 billion in the U.S. through 2030 to produce its own automotive batteries, including building a US$1.3 billion battery plant that will employ 1,750 U.S. workers.
In an Oct. 18 statement, Toyota officials said the lithium-ion batteries will power Toyota’s hybrids and electric vehicles. To drive the battery production localization, Toyota North America said that it will establish a new company and build an automotive battery plant together with Toyota Tsusho in the U.S.
The company did not say where it will build the facility, but said it aims to start production there by 2025.
“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,” Ted Ogawa, chief executive officer of Toyota Motor North America, said in the statement.
Cumulatively, Toyota said that it has sold more than 18.7 million electrified vehicles, including over 4.5 million in the U.S.