Toyota pledges $8 billion more for US battery plant to rev up EV push
The company, which plans to have electrified options for all its models available by 2025, said the latest move will bring its total investment in the plant to about $13.9 billion and jobs to more than 5,000.
Legacy automakers such as Ford Motor (F.N) and General Motors (GM.N) have been racing to ramp-up their EV output and close the gap with market leader Tesla (TSLA.O), although both Detroit-based companies have scaled back their investment plans after reaching expensive new contract agreements with the United Auto Workers union.
Toyota did not disclose a breakup of the investment and was not immediately available for further comment.
Unlike global peers, Toyota had earlier bet on hybrids and hydrogen-fuel cell vehicles rather than battery EVs, but the world’s top-selling automaker this year announced a pivot, with plans to commercialize advanced batteries and adopt die-casting technology pioneered by Tesla.
Other companies such as Samsung SDI Co (006400.KS), Panasonic and Chrysler-parent Stellantis NV (STLAM.MI) also plan to set up base in the U.S. to develop their battery plants.