Toyota sets aside $ 3.4 billion for U.S. electric vehicle batteries – .

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Toyota sets aside $ 3.4 billion for U.S. electric vehicle batteries – .


Enlarge / Toyota’s current lineup of electrified vehicles will be joined by a battery-powered electric crossover in 2022.

Toyota

In 2025, Toyota will open a new battery manufacturing plant in North America as part of the automaker’s electrification strategy. The company made the announcement on Monday morning, saying it will spend $ 3.4 billion ($ 380 billion) on high-voltage batteries for electric vehicles in the United States by 2030.
“This investment will help pave the way for more affordable electrified vehicles for American consumers, dramatically reduce carbon emissions and, most importantly, create even more American jobs related to the future of mobility,” said Ted Ogawa, CEO of Toyota Motor North America.

Toyota was an early leader in electrified vehicles and has sold over 18.7 million hybrids since the introduction of the first Prius in 1997. But it has been overtaken by other OEMs in the transition to battery-electric vehicles with zero emissions and will only release its first modern BEV – a RAV4-sized crossover called bZ4x – in mid-2022.

As with today’s similar announcement by Stellantis, we’ll have to wait some time to find out exactly where Toyota plans to build this new battery plant. Toyota is not yet sharing the expected output from the battery plant, but it says the joint venture with Toyota Tsusho will cost $ 1.3 billion by 2031 and create 1,750 new jobs.

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