PLANO, Texas, Oct. 18, 2021 /PRNewswire/ -- Toyota
announced today that it will invest approximately $3.4 billion (380 billion
yen) in automotive batteries in the United States through 2030. Specifically,
the investment is for developing and localizing automotive battery
production, including those for battery electric vehicles, and is
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.
To drive battery production localization, Toyota Motor North
America also announced today that it will establish a new company
and build an automotive battery plant together with Toyota Tsusho
in the U.S. 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.
"Toyota's commitment to electrification is about achieving
long-term sustainability for the environment, American jobs and
consumers," said Ted Ogawa, Chief
Executive Officer, Toyota Motor North America. "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."
Part of the new company's activities will include helping Toyota
to further develop and expand its local supply chain and production
knowledge related to Lithium-ion automotive batteries. The venture
will first focus on producing batteries for hybrid electric
vehicles. Additionally, the move is expected to help further the
company's goals to create a net positive impact on the planet and
society, including advancing its efforts towards carbon neutrality
in a sustainable and practical way. Further details of the project,
including details on a site, production capacity, business
structure, etc. will be shared at a future time.
Quick facts about Toyota's electrification efforts:
- Cumulatively, Toyota has sold more than 18.7 million
electrified vehicles, including over 4.5 million in the U.S.
- While electrified vehicles already account for nearly 25
percent of Toyota's U.S. sales volume, that number is expected to
rise to nearly 70 percent by 2030.
- To meet the growing demand, Toyota continues to steadily expand
its lineup of electrified vehicles, including hybrid (HEV), plug-in
hybrid (PHEV), fuel cell (FCEV) and battery electric vehicles
(BEV), from 55 models today to about 70 models by 2025.
- Of the 70 models, 15 will be BEVs, including seven Toyota bZ
(Beyond Zero) models.
- By 2030, Toyota expects to sell two million zero emission
vehicles (BEVs and FCEVs) globally, and in the U.S., the company
expects to sell between 1.5 million to 1.8 million electrified
vehicles, including ZEV models.
About Toyota
Toyota (NYSE: TM) has been a part of the
cultural fabric in the U.S. for more than 60 years, and is
committed to advancing sustainable, next-generation mobility
through our Toyota and Lexus brands, plus our nearly 1,500
dealerships.
Toyota has created a tremendous value chain and directly employs
more than 36,000 in the U.S. The company has contributed
world-class design, engineering, and assembly of more than 30
million cars and trucks at our 9 manufacturing plants, 10 including
our joint venture in Alabama that
began production in September
2021.
To help inspire the next generation for a career in STEM-based
fields, including mobility, Toyota launched its virtual education
hub at www.TourToyota.com with an immersive experience and chance
to visit many of our U.S. manufacturing facilities. The hub also
includes a series of free STEM-based lessons and curriculum through
Toyota USA Foundation partners,
virtual field trips and more. For more information about Toyota,
visit www.toyotanewsroom.com.
Media Contact:
Aaron Fowles
310-561-2321
Aaron.Fowles@toyota.com
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SOURCE Toyota Motor North America