Toyota invests USD 8 bn in US battery plant to expand production lines

Toyota invests USD 8 bn in its US battery plant: Toyota is investing an additional USD 8 bn in Toyota Battery Manufacturing North Carolina (TBMNC), bringing total investments in the plant to around USD 13.9 bn, according to a statement. The funds will go to adding eight battery production lines to the plant for EV batteries and plug-in hybrid EVs and four battery lines for hybrid EVs. The lines will be launched through 2030 and have a capacity of around 30 GWh annually. “Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region,” president of Toyota North Carolina Sean Suggs said in the statement.