23.10.2021 | Toyota announced plans to spend $3.4 billion to boost battery production in U.S
On OCT 18 - Toyota announced that they plan to spend approximately $3.4 billion to scale its battery production capabilities in the U.S.
As part of the investment, Toyota says it will establish a new company which will, with help from its Toyota Tsusho subsidiary, build a battery manufacturing plant somewhere in the United States. The company expects to invest $1.29 billion into the facility by the end of 2031.
Toyota said it would share details on the project, including where it plans to build the plant, in the future. However, the facility will initially focus on making batteries for hybrid electric vehicles, with production expected to start sometime in 2025. Toyota expects to create about 1,750 jobs through the project.