Toyota Motor Corporation and Jeep parent company, Stellantis, announced Monday that it would build electric car battery factories in the U.S.
Toyota said it will invest around $3.4 billion in electric car battery factories through 2030, according to a company press release. The company previously announced it would spend $13.5 billion on a battery “development and production” plan.
Toyota plans to invest $3.4 billion in the U.S. to establish a new company and build its first battery plant there https://t.co/MTWSCQbh2F
— Bloomberg (@business) October 18, 2021
“Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” Toyota Motor North America chief executive Ted Ogawa said in the press release. “This investment will help us 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.”
Stellantis also announced a joint venture with LG Energy Solution for the purpose of battery production in the U.S., according to a company press release. The company plans to create 40 gigawatt-hour producing facilities which will start running in the first quarter of 2024. (RELATED: Toyota Says It Will Stop Donating To Republicans Who Objected To The 2020 Election)
“Today’s announcement is further proof that we are deploying our aggressive electrification road map and are following through on the commitments we made during our EV Day event in July,” Carlos Tavares, chief executive of Stellantis, said in the press release.
“With this, we have now determined the next ‘gigafactory’ coming to the Stellantis portfolio to help us achieve a total minimum of 260 gigawatt hours of capacity by 2030,” Tavares said.
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