New Delhi: Toyota Motor Corp. is working hard to boost its electric vehicle supply chain. To boost supplies, the company is building a new $1.29 billion battery factory in North Carolina.
Plans to invest $13.6 billion in 10 years
As The Verge reports, Toyota has announced that it will invest about $13.6 billion in battery technology over the next decade, including $9 billion in production. as it strives to electrify its vehicle lineup. The new production plant will initially be able to supply lithium-ion batteries for 8 lakh vehicles annually. In the first year, the firm plans to manufacture 1.2 million battery packs for its upcoming lineup of electric vehicles.
1,750 people will get employment
Chris Reynolds, chief administrative officer for Toyota Motor in North America, said, “This investment, which I believe is the largest private capital investment ever in North Carolina history … will create at least 1,750 new jobs and automotive.” will help us develop and localize battery production that will pave the way for battery electric vehicles manufactured here in the United States.”
The new production plant is expected to provide employment to 1,750 people. The automaker stressed that it is committed to using 100 percent renewable energy at the new facility to produce the batteries.
Earlier, Woven Planet, a subsidiary of Toyota, announced that it has completed the acquisition of Level 5, the self-driving division of rideshare giant Lyft.
Level 5 is a division of Lyft formed in 2017, dedicated exclusively to self-driving technologies. In four years, the self-driving division has reached public road testing of its fourth generation platform.
First published:December 8, 2021, 10:27 am