In North Carolina, Toyota triples its US EV investment.

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Toyota triples its US EV investment

Due to the growing consumer demand for electric vehicles, Toyota announced on Wednesday that it will triple its planned investment for its first battery manufacturing in the United States.

In place of the initial $1.3 billion disclosed, the automaker now intends to invest $3.8 billion in the construction of a plant close to Greensboro, North Carolina. In 2025, Toyota Battery Manufacturing North Carolina is anticipated to start making batteries for battery-electric and hybrid cars.

The increased money puts Toyota’s total global investment toward its 2035 goal of being carbon-neutral to $5.6 billion.
This month, automakers announced multibillion-dollar battery projects that are expected to start paying off by the middle of the decade, staging a nationwide land grab. Since Congress passed the Inflation Reduction Act, which offers incentives and tax credits for EV makers, the cadence of declarations has increased.

Honda and LG Energy Solutions established a $4.4 billion joint venture on Monday to produce batteries for Honda’s North American electric vehicles. The company declined to specify the location of the production, but analysts believe it will be close to Honda’s North American headquarters in Ohio or in a state with compelling incentives, like Alabama.
Panasonic said last week that it is considering Oklahoma as the location for a second factory. Panasonic previously announced plans to build a $4 billion battery plant in Kansas that will produce and supply lithium-ion batteries to EV companies.

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