Just days after other major American supply chain announcements, another Japanese automakers has outlined plans for a large part of about $5.6 billion worth of investment to increase battery production in the U.S.
Toyota Motor Corp. plans to build out battery production capacity up to 40 GWh in the U.S. and Japan. The automaker plans to utilize its well-known production system in new manufacturing.
More than half of that $5.6B investment will be in the Himeji plant of Prime Planet Energy and Solutions Co. and in Toyota plants. Close to $2.5 B of that will be invested in the Toyota Battery Manufacturing in North Carolina.
The new projects are expected to begin battery production between 2024 and 2026.
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Last year, Toyota leadership announced it would commit more than $70 billion toward EV model production. At the time, Toyota President Akio Toyoda shared several EV targets for the company, including sales of 3.5 million units annually by 2030, with some 30 battery electric vehicle models offered in the global marketplace.
Around the same time, the automaker also announced plans to build the (originally estimated) $1.29-billion North Carolina battery manufacturing plant. The facility is expected to produce lithium-ion batteries for 200,000 EVs per year when it starts in 2025 and eventually as many as 1 million annually.
Earlier this week, Honda and LG Energy Solutions announced a joint venture to spend close $4.4 billion on expanding their battery manufacturing footprint in the U.S.
