Toyota will start producing its first electric cars in the United States in 2025 and invest an additional $2.1 billion in battery plants

Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com, June 1, according to the Yomiuri Shimbun in Japan, Toyota announced today that it will start producing electric vehicles at its plant in Kentucky in 2025, the first time Toyota has produced electric vehicles in the United States.

At the same time, Toyota has decided to invest an additional $2.1 billion (CTOnews.com Note: about 14.931 billion yuan) to boost the capacity of a US battery plant under construction to take advantage of growing market demand.

The Toyota plant in Kentucky will produce the new three-row SUV model, and its batteries will come from the battery plant Toyota is building in North Carolina. With additional investment, the total investment in the project will reach $5.9 billion (currently about 41.949 billion yuan).

Companies are stepping up their response when the United States passed an inflation control bill in August last year, providing tax relief of up to $7500 (currently about 53325 yuan) for each electric vehicle assembled in the United States. Toyota has also accelerated the construction of an integrated production system for electric vehicles in North America.

Toyota earlier set a target of selling 1.5 million electric vehicles a year in the global market by 2026 and announced a policy of investing 5 trillion yen in electric vehicle-related projects by 2023. Toyota sold only 24000 electric vehicles worldwide in 2022, lagging far behind major competitors such as Tesla and BYD.