Friday, September 30, 2022
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Toyota to Build $1.3-billion Battery Facility for EVs, Hybrids in US

The automobile company ‘Toyota’ has been planning to build a new battery plant worth 1.3 billion dollars in the United States as the company is ramping up the production and development of the main components that have been need for the fully electric vehicles and the hybrid vehicles.

This move of Toyota has been the latest in a series of some similar announcements made from the rivals of Toyota, which are also planning to build the battery factories and also the assembly plants of the electric vehicle in the United States including Ford and General motors.

Struggling with the supply constraints for the batteries, the companies have increasingly been looking to establish the parts by themselves followed by a path that has been laid out by the company ‘Tesla’, which is responsible for building its own batteries for the electric vehicles at a facility based in the region of Nevada.

Toyota said, the company is going to be spending 3.4 billion dollars on the battery investments in the United States by 2030, and it is also including a new plant worth 1.3 billion dollars, which will be employing 1,750 workers. The company does not provide any kind of the additional details of how Toyota is going to be investing in the funds, except that, the company is going to start with the production of batteries for the hybrid vehicles.