Toyota, the Japanese auto manufacturer has announced that it will be investing $8 billion USD into its new electric vehicle (EV) battery factory located in North Carolina, USA. This investment will help increase the production capacity of the plant and introduce about 30 battery electric models by 2030.
The report further mentions that an additional 8 production lines will be added to the facility, bringing its total to 10 lines. Toyota’s 10 production lines will have an output capacity of 30 Gigawatt hours (GWh) annually by the end of the decade, with production slated to begin in 2025.
The initial plan was supposedly to invest $1.29 billion USD.