Follow The VergeThis news comes shortly after Toyota’s announcement that it will invest about $13.6 billion in battery technology over the next decade, including a $9 billion investment in manufacturing as it tries to electrify. customize your vehicle.
Toyota has many plans for the electric vehicle segment in the future
Chris Reynolds, chief administrative officer for Toyota Motor North America, said Toyota plans to spend $1.29 billion on the new plant over the next decade, and production at the plant is expected to begin next year. 2025. In the first year, Toyota plans to produce 1.2 million battery packs for its upcoming line of electric vehicles.
“This investment, which I believe is by far the largest private equity investment in North Carolina history, will create at least 1,750 new jobs and help us grow and localize battery manufacturing. cars, will pave the way for battery-powered electric vehicles built in the United States,” Reynolds said at a press conference.
According to News & Observer, the North Carolina Economic Investment Commission approved a $438.7 million tax incentive package to encourage Toyota to build in the state.
Toyota’s battery plant is the latest facility planned as auto companies scramble to ramp up production of electric vehicles. Toyota’s first long-range electric vehicle, the BZ4X compact SUV, is expected to be launched in mid-2022.
Globally, battery production is expected to grow from 95.3 GWh in 2020 to 410.5 GWh in 2024, according to data and analytics firm GlobalData.
Despite being the leader in gasoline-electric hybrids with the Prius, Toyota still sees hybrids as a temporary measure until hydrogen fuel cells become competitive. Now, the company is catching up with the likes of Nissan and is said to have lobbied to slow America’s transition to electric vehicles.