Toyota triples investment in U.S. battery plant

Japanese automaker Toyota said it will invest up to $3.8 billion in a new battery manufacturing facility, an amount three times higher than what the company announced last December.

Battery maker Panasonic will partner with the Liberty, N.C., plant through its Prime Planet Energy & Solutions (PPES) joint venture, said Norm Bafunno, senior vice president of powertrain manufacturing and engineering for Toyota North America.

Featured book: Security policies and implementation issues PDF version

The companies plan to open the plant in 2025. PPES will provide expertise in battery manufacturing technology and equipment, Bafunno said.

Panasonic also has a battery manufacturing joint venture with Tesla, which is located in Nevada. Last week, Panasonic announced plans to build a $4 billion plant in Kansas to supply Tesla and other automakers.

In December 2021, Toyota reported an initial investment of $1.29 billion to build a facility in North Carolina. The state has promised to reimburse $315 million to the manufacturer if the investment exceeds $3 billion.

Bafunno said Toyota will open two production lines that are designed to produce batteries for all-electric vehicles at the Liberty plant in addition to the four planned to make smaller batteries for hybrid vehicles.

Over time, the plant will begin to introduce new technology for battery production, including the use of solid electrolytes, Bafunno said. He added that this technology will develop rapidly.

Earlier, automobile concern Honda announced the creation of a joint venture with LG Energy Solution. The companies intend to build a plant in the U.S. to produce batteries for electric cars for $4.4 billion.

Read also

Withholding TaxGeneral Accepted Accounting StandardsLetter Of IntentWhat is scarcityYear-to-dateLong-Term LiabilitiesNon-Disclosure AgreementChief Operating OfficerReturn on InvestmentChief Marketing OfficerChief Financial OfficerAsset Protection TrustChief Security OfficerCertified Financial PlannerElectronic Funds TransferLimited Liability CompanyClose of BusinessCompany FinanceCash FlowAutomated Teller MachineReturn on EquityStagnation meaningCertified Management AccountantNon-Profit OrganizationCertified Financial ManagerChief Technology OfficerProfit and Loss StatementGross Margin

Business and Finance terms

Withholding Tax General Accepted Accounting Standards Letter Of Intent Scarcity Year-to-date Long-Term Liabilities Non-Disclosure Agreement Chief Operating Officer Return on Investment Chief Marketing Officer Chief Financial Officer Asset Protection Trust Chief Security Officer Certified Financial Planner Electronic Funds Transfer Limited Liability Company Close of Business Company Finance Cash Flow Automated Teller Machine Return on Equity stagnation Certified Management Accountant Non-Profit Organization Certified Financial Manager Chief Technology Officer Profit and Loss Profit and Loss Statement Gross Margin