Toyota Boosts North Carolina Battery Plant Investment By $2.1B

Toyota Motor Corp TM plans to assemble an all-new, three-row, battery electric SUV at Toyota Kentucky starting in 2025.
The company's first U.S.-assembled BEV will be powered by batteries from Toyota North Carolina.
The new battery plant is currently under construction and will receive an additional $2.1 billion investment.
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This brings total investment in Toyota North Carolina to $5.9 billion, and it will be Toyota's hub for developing and producing lithium-ion batteries needed for its expanding portfolio of electrified vehicles.
"We are committed to reducing carbon emissions as much as possible and as soon as possible," said Ted Ogawa, president and chief executive officer, Toyota Motor North America.
"To achieve this goal, customers must have access to a portfolio of options that meet their needs now and in the future."
Also Read: Toyota To Turn Coal Mine Into Solar Facility As Part Of Carbon-Neutral Initiative
Price Action: TM shares closed lower by 1.16% at $136.13 on Wednesday.