Toyota To Build $1.29B Battery Plant In U.S.
Toyota plans to build a new $1.29 billion factory in the US to manufacture batteries for gas-electric hybrid and fully electric vehicles, Tom Krisher reported for the Associated Press (AP).
Photo Insert: The battery plant is another investment signaling that Toyota's charge towards e-mobility is in full throttle.
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 the $3.4 billion that Toyota plans to spend in the US 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.
Stellantis, formerly Fiat Chrysler, and LG Energy Solution said Monday that they plan to build a battery manufacturing facility to help the automaker get 40% of its US sales from vehicles that run at least partly on electricity by 2030. They didn’t say where the plant would be.
Also Monday, the Taiwanese company that makes smartphones for Apple and others, Foxconn Technology Group, said it would produce electric cars and buses for auto brands in China, North America, Europe, and other markets.
Volvo Cars on Monday unveiled more details of its initial public offering that will fund its ambitious plan to transform into an all-electric vehicle company by 2030. The Swedish auto brand, owned by Chinese carmaker Geely, said the IPO would value the company at 163-200 billion kronor ($18.8-$23 billion) when shares start trading Oct. 28.