• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

Toyota to build $1.29 billion EV battery plant in North Carolina, create 1,750 jobs

by
December 7, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Nvidia’s New AI Supercomputer Is a Game Changer. Google, Meta, and Microsoft Will Be First Users.

Is the Stock Market Open Today? Here Are the Trading Hours for Memorial Day.

Salesforce, Lululemon, Broadcom, Chewy, HP, and More Stocks to Watch This Week

The Bank of England has lost control of inflation – and we all face a terrible price

Yichuan Cao | NurPhoto | Getty Images

Toyota Motor will build a new $1.29 billion battery plant for electrified vehicles in North Carolina, the company announced Monday afternoon.

The company expects the facility to be capable of producing enough lithium-ion batteries for 200,000 all-electric and plug-in hybrid electric vehicles when production is scheduled to begin in 2025. The company said it plans to eventually expand battery production to up to 1.2 million vehicles per year.

The plant near Greensboro in central North Carolina is expected to create 1,750 jobs in the state, Toyota has said. The investment in the facility is scheduled through 2031.

Toyota and other automakers that have been slow to invest in all-electric vehicles are scrambling to move production of EV battery components closer to home to reduce costs and lower risks of supply chain disruptions.

The Biden administration also has urged companies to bring more jobs to the U.S. following an ongoing global shortage of semiconductor chips – mainly supplied from Asia – causing massive shutdowns of factories.

The Toyota plant is being partially funded from a previously announced investment of approximately $3.4 billion into electrified vehicles that Toyota made in October. But the company did not disclose a location for the facility.

Toyota said it selected North Carolina for the new plant based on “renewable energy availability as well as support from local stakeholders, including governments, utilities, partners, and others.”

“Today marks the beginning of a mutually beneficial partnership with the Tar Heel state as we embark on our journey to achieve carbon neutrality and provide mobility for all,” Ted Ogawa, CEO of Toyota Motor North America, said in a release.

The company expects the new plant to be powered completely by renewable energy to produce the batteries.

Toyota has committed to reaching carbon neutrality for its vehicles and operations by 2050.

Next Post

Cloud stocks have been crushed. Here's how Jim Cramer would invest in a potential rebound

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Nvidia’s New AI Supercomputer Is a Game Changer. Google, Meta, and Microsoft Will Be First Users.

by
May 29, 2023
0

Read more

Nvidia’s New AI Supercomputer Is a Game Changer. Google, Meta, and Microsoft Will Be First Users.

Is the Stock Market Open Today? Here Are the Trading Hours for Memorial Day.

The Bank of England has lost control of inflation – and we all face a terrible price

Salesforce, Lululemon, Broadcom, Chewy, HP, and More Stocks to Watch This Week

Wall Street’s Best Analyst Suggests 2 Semiconductor Stocks to Buy — Here’s What Makes Them Stand Out

How to Make Money With Warren Buffet’s Cigar Butt Investing Method

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews