Toyota and Peugeot owner Stellantis have unveiled separate plans to build battery plants in the US as the world’s largest carmakers target tens of billions of dollars of investment over the next decade to electrify their fleets.
The Japanese carmaker on Monday said it would invest roughly $3.4bn through to 2030 to manufacture car batteries in the US, partly including $1.3bn to build its first US battery plant with its trading arm Toyota Tsusho that would create 1,750 jobs.
The spending is part of the $13.6bn it has set aside for battery development and supply over the next decade as the maker of the Prius hybrid addresses investor pressure to clarify its electric vehicle ambitions.
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