Toyota announced an additional investment of US$8 billion to build its first electric vehicle (EV) battery factory in North America, aiming to strengthen its electric vehicle division. The plant in North Carolina, with an initial value of up to $13.9 billion, is planned to produce batteries for battery-powered vehicles (BEV) and hybrid electric vehicles.
The new plant will cover an area of 1,825 acres and will have eight production lines dedicated to plug-in hybrid and all-electric vehicle battery manufacturing. Toyota plans to increase annual production to 30 GWh by 2030, comparable to the annual output of the “gigafactory” jointly operated by Tesla and Panasonic.
The factory is scheduled to start operations in 2025 and is Toyota’s first attempt in global automotive battery manufacturing.
(Source: Science and Technology Times Image source: freepik)
