Wednesday, June 19, 2024
NewsToyota to Invest in North American Battery Production

Toyota to Invest in North American Battery Production

Toyota will create jobs in the US

Toyota may be late to the purely electric movement, but the Japanese giant is currently working on a short- and medium-term strategy in this area. Indeed, Toyota has already indicated its intention to add 15 electric models to its global fleet of vehicles by 2025, and earlier this week in October, Toyota’s U.S. wing revealed more details about its North American strategy.

The automaker will invest US$3.4 billion to develop and build a battery production facility in the United States. This investment over the next nine years will result in the creation of a new company and the construction of this battery production plant with partner Toyota Thusho, an investment of $1.29 billion, until 2031. The cash infusion will also create as many as 1,750 jobs in the United States.

“Toyota’s commitment to electrification is aimed at achieving long-term sustainability for the environment, American jobs and consumers,” said Ted Ogawa, general manager of Toyota North America. “This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions and, most importantly, create even more American jobs related to the future of mobility.”

As of this writing, the automaker has not indicated where this new battery production facility would be located, the largest Japanese player currently with nine production facilities on both the vehicle assembly and parts production sides.

In addition to all hybrid models and the few plug-in hybrids, Toyota also has an interest in fuel cell (hydrogen-powered) technology. However, starting next year, Toyota will introduce to the market its pure electric crossover developed jointly with its partner Subaru, the Toyota bZ4X. This vehicle will be the first in the new electric lineup, simply called bZ.

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