Toyota Invests $8 Bln In North Carolina Battery Plant To Support Electric Vehicles; To Add Jobs

(RTTNews) - Toyota Motor Corporation (TYT.L), a Japanese auto major, on Tuesday announced a new investment of nearly $8 billion in Toyota Battery Manufacturing North Carolina or TBMNC.

The new investment brings total investment to around $13.9 billion and job addition to over 5,000.

This investment adds capacity to support battery electric vehicles or BEV's and plug-in hybrid electric vehicles PHEV's. In addition, an additional eight BEV/PHEV battery production lines will be added to the two previously announced, for a total of ten battery lines. Production will be increased in a phased approach, with line launches planned through 2030 to reach a total production of over 30GWh annually.

Toyota has put over 24.6 million hybrid, plug-in hybrid, fuel cell and battery electric vehicles on the road globally.

By 2025, the company plans to have an electrified option available for every Toyota and Lexus model globally.