Toyota is pouring a further $8bn into its battery manufacturing plant in North Carolina, in the largest such investment by a foreign carmaker since the US passed the Inflation Reduction Act in 2022.
The newly announced funding would take the Japanese group’s investment in the plant — one of its largest outside Japan — to about $13.9bn by 2030. It would also add about 3,000 jobs to the site it calls the “epicentre of lithium-ion battery production in North America”, bringing the total to more than 5,000.
The IRA, championed by the Biden administration, included $370bn in subsidies to build a US supply chain for green industries such as electric vehicle and battery manufacturing and swiftly decarbonise the US economy.
Read the full story on the Financial Times here.