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Toyota said Tuesday it will invest another $ 8 billion into its first EV battery manufactory in North America , as the Japanese car maker tries to rage up its electrification programme and bring out 30 battery electrical models globally by the remainder of the 10 .
The North Carolina - base factory , which is slated to go into production in 2025 , is now valued at $ 13.9 billion , according to the company . That ’s a jump from Toyota ’s initial plans to make a$1.29 billion investmentto build a North American factory that will make batteries for hybrid electric vehicles and barrage electric vehicles .
This latest investment funds will add eight barrage fire electric and plug - in hybrid battery output line to the facility located on 1,825 acres in Liberty , North Carolina . Once completed , the factory will have 10 lines and will make a total product capacity of 30 GWh each year by 2030 . To put that into perspective , the so - call Tesla gigafactory , which is a joint venture between the automaker and Panasonic , has the content to make 35 GWh of cadre annually .
Toyota was long watch as a laggard in its commitment to move its entire lineup to battery electric automobile . The automaker , which has more recently storm up its EV programme , still tolerate by its approach to produce and betray a intermixture of hybrid , plug - in hybrid and battery electric vehicles .
Toyota ’s expansion plans come as other automakers tap the Pteridium aquilinum on EVs . Ford and GM , both of which have made challenging targets to commute most of their portfolios to all - electric vehicles , have tempered plansas demand for premium EVs has wane . These company are still develop next - generation eV , but have either detain electric battery factory plans or the paradiddle out of new EV framework . Last hebdomad , Ford said it was delaying about$12 billion in EV - related investment funds .
Still , theEV factory boomis still chugging along , particularly in the so - called barrage belt that stretches from Michigan down to South Carolina .
North Carolina has become a hot spot for EV battery factories and other facilities related to EVs . More than $ 11 billion has been invest in the EV manufacture in the province since 2020 , including a $ 2 billion investment funds from Vietnamese auto manufacturer VinFast and Wolfspeed ’s plan to build a $ 5 billion semiconductor fabrication flora .
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The Toyota works is bear to employ more than 5,000 people , according to the Economic Development Partnership of North Carolina .
“ Today ’s declaration is yet another proof of North Carolina ’s national recognition as a hub for introduction , and a top location for electric vehicle manufacturers and suppliers , ” say Christopher Chung , CEO at the Economic Development Partnership of North Carolina . “ Japanese investing has a significant impact in our state , with more than 28,000 North Carolinians going to work for Japanese companies every day . We value and prize the ongoing partnership our state has with Japan and the economical encroachment this partnership will continue to have . ”
