Toyota will spend $ 1.3 billion on a plant for the production of batteries for electric cars

Toyota will spend $ 1.3 billion on a plant for the production of batteries for electric cars

FineAuto

Toyota, known for its critical attitude to the global electrification of the automotive industry, has announced the construction of a giant battery manufacturing facility. The Japanese will invest $ 1.29 billion in the plant, which will be located in Greensboro, North Carolina. It will be named Toyota Battery Manufacturing, North Carolina (TBMNC) and will provide lithium-ion batteries for all of the company’s electric vehicles in North America.

At the start, in 2025, the company will have four production lines, each of which will be able to provide batteries for up to 200 thousand electric vehicles per year. Over time, production will expand to six lines, which together will be able to produce battery packs for 1.2 million vehicles annually. According to the plan, 1,750 jobs will be created at the TBMNC plant.

The $ 1.29 billion investment in the venture will be part of a large, $ 3.4 billion investment in innovative battery development in the United States by 2030. The goal is to make EVs and hybrids more affordable for customers. Thus, by 2030, the company plans to reduce the cost of batteries by 30 percent.

Toyota has already unveiled the bZ4X all-electric crossover, but TBMNC will initially focus on hybrid battery packs. As for the bZ4X, production will start in 2022. The electric car, called the “battery” analogue of the RAV4, received solar panels on the roof, a 217-horsepower twin-engine unit in the “top” and 450 kilometers of travel without recharging.

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