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Toyota commits up to $5.6 billion to EV battery production and increases investment in its North Carolina plant.

Toyota commits up to $5.6 billion to EV battery production and increases investment in its North Carolina plant.
Toyota announced on Wednesday that it will invest an additional $2.5 billion in a U.S. facility that will produce batteries for both hybrid electric and battery electric vehicles.
Toyota Battery Manufacturing North Carolina is set to begin operations in 2025, with the company announcing a $3.8 billion investment in the plant.
Toyota Motor North America's senior vice president of unit manufacturing and engineering, Norm Bafunno, called the announcement "another significant milestone" for the company.
The additional investment in the United States is part of a larger investment in battery production of up to $5.6 billion, with Toyota noting that demand for battery electric vehicles is increasing.
To that end, the company stated that it plans to increase "combined battery production capacity" in the United States and Japan by up to 40 gigatonnes.
This has not been without difficulties. Toyota issued a safety recall for over 2,000 of its all-electric SUV, the bZ4X, in June 2022.
Toyota may be planning billions of dollars in EV battery production, but the company stressed on Wednesday that it would also "continue to make every effort to flexibly meet the needs" of customers "in all countries and regions by offering multiple powertrains and providing as many options as possible."
Indeed, the website of Toyota Europe states that the “internal combustion engine continues to be the most popular means of powering vehicles and it will continue to play a role for the next 20 to 30 years.”
All of this occurs at a time when major economies are developing plans to reduce the environmental impact of road-based transportation.
The California Air Resources Board just approved a rule that will require all new car sales in the state to be zero emission by 2035.
In other news, the United Kingdom plans to phase out new diesel and gasoline cars and vans by 2030. It will require all new cars and vans to have zero tailpipe emissions by 2035. Similar goals are being pursued by the European Union, which the United Kingdom will leave on January 31, 2020.
According to the International Energy Agency, 6.6 million electric vehicles will be sold in 2021. EV sales reached 2 million in the first quarter of 2022, a 75 per centr increase over the same period in the previous year.

Christopher J. Mitchell

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