Toyota and Peugeot owners Stellantis have separate plans to build a battery plant in the United States as the world’s largest automaker aims to invest tens of billions of dollars over the next decade to electrify its fleet. Was announced.
Japanese automakers invested about $ 3.4 billion to manufacture automotive batteries in the U.S. on Monday, partly the first U.S. with Toyota Tsusho, a trading division that creates jobs for 1,750 people. The company announced that it will invest $ 1.3 billion in the construction of a battery plant.
Spending is part of It set aside $ 13.6 billion For the development and supply of batteries over the next decade as manufacturers of Prius hybrids address investor pressure to clarify their electric vehicle ambitions.
Separately, Sterantis will build a new plant in the United States to produce battery cells and modules for North America in a joint venture with LG Energy Solutions, a battery unit spun out from LG Chem in South Korea. He said he had reached a preliminary contract.
A group formed by the merger of French PSA and Fiat Chrysler earlier this year did not disclose the amount of investment, but Its 30 billion euro spending program We will develop electric vehicles in the next four years. The company said in July that it plans to open five battery plants in Europe and the United States by the end of 2010.
The new plant in the United States will begin production by the first quarter of 2025, with annual production capacity expected to reach 40 gigawatt hours.
The surge in EV production is due to automakers struggling to meet US President Joe Biden’s call for electric vehicles, which will account for half of total sales by 2030, to reduce emissions. is.
In the United States, battery-powered vehicles make up only about 2% of the market, with Tesla dominating sales.
Ford too concern Last month, it spent $ 11 billion with South Korea’s SK Innovation to build four plants in Kentucky and Tennessee to supply batteries and vehicles.
Toyota is taking another strategy focused on in-house battery development at a much lower cost than its rivals. The Japanese group also argued that the long-term solution to global warming should be a combination of hybrid, EV, and hydrogen-powered vehicles, rather than a single bet on battery-powered vehicles.
However, it also acknowledges the need to strengthen its EV plan, and will launch 15 models by 2025. It plans to sell 8 million electric vehicles by 2030, of which 2m are battery-powered and fuel cell vehicles.
Twice a week newsletter
Energy is an indispensable business in the world, and the source of energy is its newsletter. Every Tuesday and Thursday, directly in your inbox, Energy Source provides important news, advanced analytics, and insider intelligence. Sign up here..
Toyota and Stellantis to build US battery plants Source link Toyota and Stellantis to build US battery plants
The post Toyota and Stellantis to build US battery plants appeared first on California News Times.