Toyota Motor Corp. said Monday it will build an automotive battery plant in North Carolina with the aim of starting operation in 2025, the Japanese auto giant's first such plant in North America.
Toyota plans to invest $1.29 billion for the launch of the battery manufacturing plant as part of efforts to promote electrification of its vehicle lineup.
According to the carmaker, the plant will have four production lines, each with the capability of manufacturing lithium-ion batteries for 200,000 vehicles per year.
It intends to expand the production lines to at least six in the future, targeting a combined capacity of making batteries for up to 1.2 million vehicles annually, the company said in a press release.
The latest investment is part of the $3.4 billion that Toyota announced in October it will spend on automotive battery production in the United States by 2030.