Toyota says it will invest extra $2.5 billion in North Carolina plant


A Toyota dealership in Yokohama, Japan, photographed on Feb. 7, 2021. The firm is trying to make headway in the increasingly competitive electric vehicle market.

Toru Hanai | Bloomberg | Getty Images

Automotive giant Toyota said Wednesday it would invest an extra $2.5 billion in a U.S. facility that will manufacture batteries for both hybrid electric and battery electric vehicles.

Toyota Battery Manufacturing North Carolina is set to start operations in 2025, with the firm stating that total investment in the plant will now amount to $3.8 billion.

Norm Bafunno, who is senior vice president, unit manufacturing and engineering at Toyota Motor North America, said the announcement marked…


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