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November 22, 2021

Toyota to invest in EV battery plant in North Carolina

Automaker considering a plant in conjunction with a Japanese rather than Korean battery maker.

By Graeme Roberts

Toyota Motor plans to construct a full scale electric vehicle (EV) battery plant in the US in conjunction with supplier Panasonic, according reports in Japan citing ‘people close to the matter’.

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The automaker was said to be planning to spend billions of dollars on a factory near Greensboro, North Carolina, to boost production of EVs in North America over the next decade.

The reports suggested a final decision on the battery plant’s location was yet to be made and that the plan might “still evolve”.

The automaker was expected to funnel the funding through its majority owned Prime Planet Energy & Solutions battery joint venture with Panasonic although the individual shares of the overall investment and equity had not yet been decided and no formal commitment had been made by any potential partner.

In October Toyota pledged to spend US$3.4bn on EV battery production in the US in the current decade, as part of a larger US$13bn global EV battery production plan.

Several major EV battery factories had already been announced for the US this year, mostly by South Korean suppliers LG Energy Solution, SK On and Samsung SDI, mainly to supply Ford, GM and Stellantis.

Panasonic was already a key battery supplier to Tesla.

Prime Planet, 51% owned by Toyota and 49% by Panasonic, was said to control around 25% of the world market for hybrid vehicle batteries and now wants to expand into EV batteries.

Worth a look: Who’s buying EVs in the US?

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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