The announcement follows those of other automakers who have made significant investments in battery production in the U.S., most notably General Motors and Honda. It is not clear if the new investment includes the $3.4 billion the company, along with its subsidiary Toyota Tsusho, is investing in its Toyota Battery Manufacturing North Carolina(TBMNC), which is due to be manufacturing batteries in 2025.
The TBMNC plant will have four production lines, each capable of making enough lithium-ion batteries for 200,000 vehicles per year. Approximately $2.5 billion of the new investment is earmarked for this facility, presumably to expand its capacity even further to six production lines capable of producing batteries for 1.2 million BEVs annually.
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