Toyota to significantly boost investment in U.S. battery plant to $3.8 billion

Toyota Motor Corp said on Wednesday it would increase its investment plan for a new U.S. battery plant to $3.8 billion from $1.29 billion, in part due to rising consumer demand for the plant.

According to EV-Volumes data, in June, the number of new energy vehicles in the world reached 913,479 in a single month, a year-on-year increase of 54%. The monthly penetration rate of new energy vehicles in the world reached 16%, and the penetration rate of pure electric vehicles reached 12%. Rate. If this rhythm is followed in 2022, the production capacity will exceed 5-5.5 million in the second half of the year, and it may hit 10 million vehicles this year.

When announcing the U.S. plant last year, Toyota said it would focus on the battery business to address the supply of batteries for its hybrid vehicles in the U.S. market. Initially, it will focus on the research and development of hybrid vehicle battery business. Toyota will develop and manufacture power batteries in the United States to supply pure electric vehicles and hybrid models.

Toyota's electrification transformation is ambitious. By 2025, Toyota's electric vehicle models in the global market will increase to 70 models.

In addition, battery maker Panasonic will become a partner at the Liberta, North Carolina plant through its Prime Planet Energy & Solutions (PPES) joint venture with Toyota, according to Norm Bafunno, senior vice president of powertrain manufacturing and engineering at Toyota Motor North America. partner.