Toyota show is seen on the New York Worldwide Auto Present on April 16, 2025.
Danielle DeVries | CNBC
Toyota Motor on Wednesday mentioned it has began manufacturing at a brand new $13.9 billion battery plant in North Carolina and confirmed plans to take a position as much as $10 billion greater than beforehand anticipated over the following 5 years in the USA.
The Japanese automaker didn’t launch particulars concerning the elevated funding aside from Toyota Motor North America CEO Tetsuo Ogawa calling it a “pivotal second” within the firm’s historical past together with the brand new battery plant, in line with a launch.
The power is Toyota’s first in-house battery plant exterior of Japan. It was first introduced in December 2021 amid the Biden administration’s push to onshore manufacturing of batteries for hybrids and all-electric automobiles.
Since then, market circumstances for EVs have soured, whereas demand for hybrids continues to develop exponentially. These modifications are constructive for Toyota, which is the U.S. chief in hybrid gross sales with a greater than 51% market share by means of the third quarter of this 12 months, in line with Motor Intelligence knowledge.
It is unclear how a lot of the funding was already deliberate however not made beforehand public, however the announcement follows President Donald Trump final month saying Toyota would make investments $10 billion within the U.S.
Toyota and the whole automotive business have been trying to navigate manufacturing plans amid regulatory modifications impacting EVs and Trump’s litany of tariffs on new automobiles and components.
Toyota’s U.S. gross sales by means of the third quarter of this 12 months have been up 9.9% to greater than 1.3 million automobiles bought.
