Toyota Will Build a $1.29 Billion U.S. Plant to Manufacture Hybrid and EV Batteries
Toyota plans to build a new $1.29 billion factory in the U.S. to manufacture batteries for gas-electric hybrid and fully electric vehicles.
The move comes amid a flurry of global announcements about shoring up production of batteries for electric vehicles. Most automakers are working to transition away from internal combustion engines to zero emission battery vehicles.
The Toyota plant location wasn’t announced, but the company said it eventually will employ 1,750 people and start making batteries in 2025, gradually expanding through 2031.
The plant is part of $3.4 billion that Toyota plans to spend in the U.S. on automotive batteries during the next decade. It didn’t detail where the remaining $2.1 billion would be spent, but part of that likely will go for another battery factory.
