The news: Toyota announced it will break ground on a new US battery manufacturing facility in the Greensboro-Randolph Megasite in North Carolina, to be completed in 2025 as part of its pivot to EVs.
More on this: The facility will consist of four production lines that can each deliver batteries for 200,000 vehicles a year. The aim is to produce enough power cells to support 1.2 million cars yearly, per Engadget.
What’s the catch: Toyota is embarking on various aggressive EV battery production projects in the US in anticipation of 2030 EV targets, but these aren’t expected to yield any viable battery solutions until 2025—which means continued short-term battery scarcity.
The opportunity: Lithium-ion battery producers have a window of opportunity to cater to Toyota and competing automotive companies while they ramp up in-house battery production.
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