Toyota to build first US battery plant under $3.4 billion plan

  • Toyota Motor Corp. plans to invest $3.4 billion in the U.S. through 2030 to establish a new company and build its first U.S. battery plant, becoming the latest global automaker to accelerate the transition to electric vehicles through a battery push.
  • Global automakers have boosted investments in battery production as they race to take on EV market leader Tesla Inc. Last month, Ford Motor Co. announced a plan to spend a record $11.4 billion with South Korea’s SK Innovation Co. to build battery and EV plants in Tennessee and Kentucky.
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