Toyota probably won’t bet on EVs as the facility will be taken advantage of for hybrid cars as well.
see photosToyota is moving fast and investing in EV technologies
Joining EV startup Arrival in the US building a battery facility in North Carolina is Japanese giant Toyota that has been reluctant to EV for years, but is now rapidly changing and starting to invest in the future of mobility. Toyota has been against electric cars, instead separating hydrogen fuel cell based vehicles from traditional internal combustion engine based products. But with global warming and aggressive emissions regulations coming into effect in Europe, it has not only announced its latest EV, the BZ4x, but it has also announced that it will sell zero-emissions vehicles in the EU by 2035.
As the Wall Street Journal reports, “Toyota Motor Corp. is set to invest $1.25 billion and create 1,750 jobs with a new electric-vehicle battery plant in rural North Carolina, according to a public incentive deal approved Monday.” Is.” The world’s largest automaker in the last month.
Already the government has approved a $435 million package for the project and with the BZ4x coming next year, it could be used to make batteries for impressive EVs. Toyota isn’t stopping there as it also has a $30,000 EV in development that will also be part of the BZ family of electric cars based on BYD battery cell technology.
The Akio Toyoda is a descendant of the Toyota family and has been against EVs
Toyota probably won’t bet on EVs as the facility will be taken advantage of for hybrid cars as well. It still hasn’t announced a full transition to electric mobility globally, unlike the likes of Ford, GM, Daimler, Stelantis, which means hybrids are going to be a big part of its strategy.
Although the production of batteries in this facility is some time away. The BZ4x is going to be initially manufactured in Japan and will eventually have US manufacturing as the plant will be operational only in 2025. In total, Toyota is investing $13 billion in battery manufacturing.
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This is quite a turning point for Toyota as its CEO Akio Toyoda has been criticizing electric cars and only investor pushback has forced its hand with the fact that the world is moving in that direction behind Toyota.
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