Plano-Based Toyota Motor North America Announces $3.4 Billion Investment in Electrical Vehicles

As we face potential climate impacts, Toyota is investing in a more sustainable future for all.

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According to a press release, Toyota Motor North America (TMNA), headquartered in Plano, a faction that brings together Toyota’s marketing, sales, engineering, and manufacturing segments in North America, has announced its investment of $3.4 billion in automotive batteries in the U.S. through 2030.

The investment will develop and localize automotive battery production to include electric vehicle batteries. The investment comes on the heels of Toyota Motor Corporations' announcement last month.

"Part of the global total of approx. $13.5 billion (1.5 trillion yen) set aside for investment in battery development and production announced last month by Toyota Motor Corporation."

Texas currently ranks third in the U.S. in electric vehicle (EV) registration with 52,190 EVs scattered throughout the Lone Star State as of December 2020.

Graph via the U.S. Department of Energy

In the release, TMNA also announced its plans to launch a new company and build an automotive battery plant in unison with Toyota Tsusho in the U.S. and drive battery production localization. Currently, China produces over two-thirds of all car batteries in the world.

"Aiming to start production in 2025, the project includes an investment of approximately $1.29 billion until 2031, which includes funds that will be used to develop land and build facilities, resulting in the creation of 1,750 new American jobs."

As a whole, the market for EVs is beginning to soar. There were one million registered EVs throughout the U.S. in 2018. Experts predict that by 2040, there will be up to 4 million in California alone. According to the release, Toyota has already sold more than 18.7 million EVs, which includes more than 4.5 million in the U.S.

“Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” Ted Ogawa, Chief Executive Officer, Toyota Motor North America said in the press release. “This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility.”

Industry experts say that the commitment and investment in EVs throughout the U.S. further promotes the necessity of high-quality American jobs as we navigate out of a global pandemic.

The new company will help Toyota further its endeavors related to Lithium-ion automotive batteries, with its first focus turning to the production of batteries for hybrid electric vehicles. The move posits TMNA to further its commitment to creating a net positive impact on the planet and society, and advancing efforts leading to carbon neutrality in the sustainable and practical way deemed responsible. Additional details outlining the project are expected to be released at a future date.


Looking for more information?

Click here for the press release from PR Newswire/Cision.