Toyota will open a new $13.9 billion battery plant in North Carolina and invest up to $10 billion more than previously announced over the next five years in the U.S., according to a CNBC report.
Production has begun on the new battery plant, which is Toyota’s first in-house battery plant outside of its native Japan. Its production was announced in 2021 during President Joe Biden’s administration’s push for onshore battery production for hybrid and all-electric vehicles.
Toyota is the leader in hybrid sales with more than 51% of the segment’s market share.
Toyota’s U.S. sales for the third quarter were up 9.9% at more than 1.3 million vehicles sold.
