Toyota is boosting its investment in a new North Carolina battery plant from 1.39 billion to 3.8 billion dollars in part to respond to increased consumer demand for electric vehicles. Toyota will partner with Panasonic through its Prime Planet Energy and Solutions joint venture. The new plant is due to open in 2025. Toyota plans to add two production lines dedicated to making batteries for EVs at the Liberty plant in addition to the four lines initially planned. The plant will make lithium-ion batteries using conventional electrode technology but newer technologies could be added. The higher investment figure for the Liberty plant follows the recent passage of the U.S. Inflation Reduction Act, which provides incentives for manufacturers and tax credits to consumers aimed at boosting local content in EVs and batteries.



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