Toyota Will Build $1.3 Billion Electric Car Battery Plant In North Carolina
Toyota will construct a $1.29 billion electric car battery facility in North Carolina.
The investment marks the latest move from an established automotive company toward electric vehicles amid shifting regulatory landscapes and consumer preferences.
The New York Times reported:
The plant, which will employ 1,750 people, will be built outside Greensboro and is expected to be complete by 2025 at a cost of $1.29 billion, Toyota said. It will initially have four production lines, each capable of making battery packs for 200,000 cars a year. The automaker, one of the world’s largest, hopes to eventually add two more lines, which would bring production capacity to packs for 1.2 million vehicles…
The plan is the latest signal traditional automakers are now betting that sales of electric vehicles will soar over the next decade and will begin to replace internal-combustion vehicles, which are major sources of the greenhouse gas emissions responsible for climate change…
The North Carolina plant is part of a broader plan by Toyota to spend $13 billion to build up battery and electric vehicle production capacity around the world. Until this year, Toyota, which pioneered hybrid cars that are powered by batteries and internal combustion engines, had hesitated to commit large investments to making electric vehicles, betting that sales of E.V.s would be slow to take off.
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