Toyota will invest over $8 billion in North Carolina, expanding its battery manufacturing capability. It will create additional 3,000 jobs and allow Toyota to significantly expand its production of batteries for EVs and for Plug-in Hybrid vehicles. Estimates are that by 2030 that plant will be able to manufacture around 600,000 EV battery packs every year.
Considering that Toyota has made large bets on hydrogen powered vehicles, and that it continues to improve hydrogen technology, it speaks to its financial prowess that it can invest billions into EV technology that it plans to make obsolete with its hydrogen cars. But then, given Toyota’s position in the automotive industry, it is not surprising that it can invest in two very different technologies simultaneously. It projects yearly profits at 26 billion dollars.
Even though Toyota currently offers only two purely electric vehicles - bZ4X SUV and its twin, the Lexus RZ, it also offers plenty of hybrids and plug-in hybrids that will be able to utilize batteries produced by the North Carolina plant.
As to the battle between Toyota EVs and Toyota Hydrogen powered vehicles, we will have to wait for the outcome a few more years. But rest assured, we will keep you posted as Toyota makes improvements to both technologies.