Toyota Boosts U.S. Investment With New Battery Plant

Benzinga

Toyota began production at its new $13.9 billion North Carolina battery plant and plans to invest up to $10 billion more in the U.S. over five years. The launch comes as hybrid demand surges and Toyota maintains over half of the U.S. hybrid market.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Toyota began production on Wednesday in its new $13.9 billion battery plant in North Carolina.

00:07The automaker said it will invest up to $10 billion more in the U.S. over the next five years,

00:11according to CNBC. The company called the launch a pivotal moment as it opens its first

00:15in-house battery facility outside Japan, originally announced in 2021 during the

00:20Biden administration's on-shoring push. EV demand has weakened since then, while hybrid

00:24demand has surged, benefiting Toyota as it holds more than 51% of the U.S. hybrid market through

00:29the third quarter. The announcement follows Trump saying last month that Toyota would invest $10

00:34million in the U.S. Toyota's U.S. sales rose 9.9% to more than $1.3 million through the third quarter.

00:40For all things money, visit Benzinga.com.

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