Toyota is set to build a new $1.29 billion battery plant for electrified vehicles in North Carolina, USA.
The automaker anticipates that the facility should be fit for producing enough lithium-particle batteries for 200,000 vehicles when production starts in 2025.
The organization said it plans to ultimately grow battery production up to 1.2 million vehicles each year.
As per Toyota, the plant close to Greensboro in focal North Carolina is expected to create 1,750 jobs in the state, and the investment in the facility is planned through 2031.
Toyota and other automakers that have slowed down in investing into all-electric vehicles are scrambling to move production of EV battery parts nearer to home to rrduce cost and lower risk of supply chain disturbances.
The Toyota plant is by and large to some extent, funded from a formerly announced project of around $3.4 billion into electrified vehicles that Toyota made in October 2021. However, the organization didn’t disclose a location for the office.
Toyota said it chose North Carolina for the new plant based on “renewable energy availability as well as support from local stakeholders, including governments, utilities, partners, and others.”
The organization anticipates that the new plant should be fueled totally by renewable power to produce the batteries.
Toyota is focused on reaching at carbon neutrality for its vehicles and operations by 2050.