Toyota to Pump $8 Billion More Into US EV Battery Factory

Toyota Motor is to plough $8 billion more into its electric-vehicle battery manufacturing plant in North Carolina, as the Japanese automaker ups the pace on electrifying its line-up.

The company, which plans to have electrified options for its models available by 2025, said the latest move will bring its total investment in the plant to about $13.9 billion and jobs to more than 5,000.

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Legacy automakers such as Ford Motor and General Motors have been racing to ramp-up their EV output and close the gap with market leader Tesla.

Toyota’s North Carolina facility is set to begin operations in 2025 and will be the company’s first automotive battery plant globally.

It will have six battery production lines, four supporting hybrid vehicles such as the Prius, and two additional lines to support battery electric vehicles.

Reuters with additional editing by Sean O’Meara

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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.