Toyota’s statement on the new battery plant investment suggested it is still looking at ways to meet tougher emission rules without depending solely on battery-powered EVs.
“Toyota believes that there is more than one option for achieving carbon neutrality. It also believes that the means of reducing CO2 emissions as much as possible and as quickly as possible while protecting the livelihoods of its customers vary greatly depending on the country and region,” Toyota said in its statement. “With such in mind, Toyota will continue to make every effort to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible.”
About half the money Toyota said it plans to spend on EV battery production will go to expanding a plant in Liberty, NC, that is already under construction. The investment will raise the price tag on the plant from $1.3 billion to $3.8 billion.
The influx of cash will also increase the number of jobs at the plant, which is due to start production in 2025, by as many as 2,100. Toyota said the plant will make batteries for both pure battery-powered EVs as well as plug-in hybrid vehicles that will have both electric motors and internal combustion engines.
EV battery boom
And GM and LG have built plants in Ohio, Tennessee and Michigan for a total of $7.2 billion, and are looking at a fourth plant in Indiana. The Tennessee and Michigan plants are under construction, while the Ohio plant recently started production.
— CNN Business’ Matt McFarland and Peter Valdes-Dapena contributed to this report.
