Toyota plans to build a new billion-dollar battery plant in the U.S. as the Japanese automaker ramps up development and production of the key components needed for hybrid and electric vehicles.

The move is the latest in a series of similar announcements by rival automakers that also plan to build battery factories or electric vehicle assembly plants in the U.S., including General Motors and Ford.

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Toyota Invests $1.3 Billion To Build US EV Battery Plant

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