News Updates
Toyota Motor recently said that it has started production at a new $13.9 billion battery plant in North Carolina and confirmed plans to invest up to $10 billion more than previously expected over the next five years in the United States.
The Japanese automaker did not release details about the increased investment other than Toyota Motor North America CEO Tetsuo Ogawa calling it a “pivotal moment” in the company’s history along with the new battery plant, according to a release.
The facility is Toyota’s first in-house battery plant outside of Japan. It was first announced in December 2021 amid the Biden administration’s push to onshore production of batteries for hybrids and all-electric vehicles.
Since then, market conditions for EVs have soured, while demand for hybrids continues to grow exponentially. Those changes are positive for Toyota, which is the U.S. leader in hybrid sales with a more than 51% market share through the third quarter of this year, according to Motor Intelligence data.
It’s unclear how much of the investment was already planned but not made previously public, but the announcement follows President Donald Trump last month saying Toyota would invest $10 billion in the U.S.
Toyota and the entire automotive industry have been attempting to navigate production plans amid regulatory changes impacting EVs and Trump’s litany of tariffs on new vehicles and parts.
Toyota’s U.S. sales through the third quarter of this year were up 9.9% to more than 1.3 million vehicles sold.
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