North Carolina will become the home of Toyota’s latest billion-dollar investment in EV battery production.
Toyota has chosen North Carolina as its home for a $1.29 billion investment for a new battery plant to support its ever-growing demand for EV production. The project is due to start, and the plant will be in operation by 2025, which also is the expected timeframe for an even larger increase in EV demand.
An Environmental Leader report had some details about the production capabilities.
It’s a vital investment as Toyota expects that battery vehicles will make up 70% of all car sales by 2030. And having the capability to ramp up to 1.2 million cars is going to play a large part in achieving that.
This investment is part of a larger global project to invest $13.6 billion in battery production.
These are critical steps that other manufacturers will need to follow in order to make a fast and drastic switch away from internal combustion engines.
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