Toyota invests another $90 million in electric vehicle production in the US

Deepak Gupta February 11, 2022
Updated 2022/02/11 at 8:06 PM

Toyota is investing more money in the production of electric vehicles in the US. Just months after the automaker announced a $240 million investment in its West Virginia plant, it is pumping another $73 million into the facility.

The company says this will increase hybrid transmission production capacity to 600,000 units a year. Factory workers will also begin manufacturing around 120,000 rear motor stators annually to increase electric motor production. Currently, the plant can take 1 million transmissions and engines off the production line per year. After the last investment, Toyota will have invested more than $2 billion in the plant.

Meanwhile, a separate investment of $17 million will allow Toyota’s Tennessee plant to produce approximately 300,000 hybrid gearboxes and gearboxes a year (current capacity is about 1 million). Factory workers also manufacture about 1.8 million engine blocks a year. The company says these parts are essential for every Toyota and Lexus EV it assembles in North America. That brings the automaker’s total investment in the plant so far to $389 million.

Toyota is on a mission to offer electrified options across its range, as well as for Lexus vehicles, by 2025 and launch 30 EV models by 2030. Investing more heavily in EV production will help achieve these goals. Increasing EV battery production is also important, and the company recently announced plans to build a $1.29 billion battery factory in North Carolina.

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