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Toyota Powers Up US Stake with $2.1bn EV Battery Plant Boost

The Japanese vehicle-maker is ramping up its investment in its new factory in North Carolina as it bids to join the EV elite

Japan's Toyota Motor Corp posted a worse than expected plunge in profit of 25% on Tuesday, as the carmaker battles a persistent shortage of semiconductors.
The Toyota logo is seen at the Auto Shanghai show in Shanghai, China, 2021. Photo: Reuters


Japanese auto giant Toyota is to pump $2.1 billion more into its new US battery plant in North Carolina as it looks to push its way to the front of the grid in the race for electric vehicle dominance.

The vehicle-maker also said its first US-made battery electric sports utility vehicles (SUVs) will be assembled at the company’s Kentucky plant from 2025.

The new SUVs, with three rows of seats, will be powered by batteries from the North Carolina plant once it begins production in 2025.


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Toyota’s latest investment in the battery plant brings the total to $5.9 billion.

The facility, its planned hub for developing and producing lithium-ion batteries, will have six battery production lines – four for hybrid electric vehicles and two for battery electric vehicles.

Seeking to solidify its foothold in the EV sector, Toyota has said it will introduce 10 new battery-powered vehicles, targeting sales of 1.5 million EVs a year by 2026.


  • Reuters with additional editing by Sean O’Meara


Read more:

Battery EVs Can’t Be Only Cleaner Car Option: Toyota Chief

Toyota Planning 10 Battery EV Models as New CEO Takes Control

Toyota to Make EVs in US in 2025, Agrees to Big Japan Wage Hike



Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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