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Toyota boosts EV battery spend at planned North Carolina plant

August 31, 2022

Toyota said it plans to invest up to $5.6 billion in the U.S. and Japan to supply automotive batteries for battery electric vehicles. The automaker said it plans to begin battery production between 2024 and 2026.

The company said it intends to increase its combined battery production capacity in both countries by up to 40 GWh.

In Japan, around 400 billion yen ($2.88 billion) is targeted for the Himeji Plant of Prime Planet Energy & Solutions Co. In the U.S., around 325 billion yen ($2.5 billion) is earmarked for Toyota Battery Manufacturing, North Carolina, which is owned 90% by Toyota Motor North America, Inc. and 10% by Toyota Tsusho.

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