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Toyota to build new $1.3 billion battery plant in North Carolina -Breaking


© Reuters. The Toyota logo can be seen on its booth at the Auto Shanghai Show in Shanghai, China. April 19, 2021. REUTERS/Aly song/file photo

By David Shepardson

WASHINGTON, (Reuters) – Toyota Motor Corporation (NYSE:) Corp has announced Monday that it will build a $1.29 Billion North Carolina battery plant as part of its expansion efforts to produce electric vehicles.

This new plant will start production in 2025 at Liberty. It will supply lithium-ion battery for 800,000 vehicles per year.

Toyota Battery Manufacturing will invest in the new venture and create approximately 1,750 jobs here.

Toyota announced in October that it will create a new company, and construct a new U.S. automobile battery plant. The new company will be partnered with Toyota Tsusho (the automaker’s metals trading unit and part of the Toyota Group). Toyota will own a 90 percent stake in the company.

Toyota stated that the North Carolina plant will eventually grow to six lines of production, allowing for an annual total of 1.2 million cars.

Toyota announced last month that $3.4 Billion (380 Billion yen) would be invested in U.S. automobile battery development and production through 2030.

They are part of $13.5B Toyota announced in September, that it intended to invest globally by 2030 for batteries development and supply systems.

Toyota stated that the company would initially concentrate on making batteries for hybrid cars.

As stricter environmental regulations become more stringent, automakers all over the globe are spending billions to increase their production of electric vehicles and batteries.

Toyota launched a lobbying effort to get the attention of U.S. politicians to not include an additional $4500 tax incentive on union-made electrical vehicles.

The U.S. President Joe Biden issued an executive order in August establishing a goal to have half the new cars sold by 2030 with zero emissions.

Biden’s 50% goal and the automakers’ 2030 goals includes battery electric, fuel cell and plug-in hybrid vehicles that also have a gasoline-engine.

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