Toyota to build new $1.3 billion battery plant in North Carolina

Published by
Reuters

By David Shepardson WASHINGTON (Reuters) -Toyota Motor Corp announced on Monday it is building a new $1.29 billion battery plant in North Carolina as it moves to expand its hybrid and electric vehicle efforts. The new plant, at a site in Liberty that will begin production in 2025, will initially be capable of supplying lithium-ion batteries for 800,000 vehicles annually, and will “pave the way” for Toyota’s U.S. production of electric vehicles, said Chris Reynolds, chief administrative officer for Toyota Motor North America. The investment will be made by a new company called Toyota Battery Ma…

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