A total investment of 102 billion! Global automotive "overlord" battery factory officially put into operation
Feb 10,2025
On February 5, Toyota announced that its Battery Manufacturing Company (TBMNC) in North Carolina has completed production preparations and entered the production phase, which will begin supplying batteries to electric vehicles in North America in April this year.
As Toyota's first overseas owned battery plant, the plant has been in the works for more than three years.
In 2021, Toyota announced that it will build a new battery plant in North Carolina and set up its 11th production entity in the United States, TBMNC, as the implementation body.
In 2023, Toyota successively invested $2.1 billion and $8 billion in the plant. After the two capital increases, Toyota expects the total investment in the plant to be about $14 billion (about 102.01 billion yuan) and will create about 5,000 jobs.
It is understood that the plant is equipped with 14 highly automated assembly lines, of which 10 are used to produce battery modules for electric vehicles and plug-in hybrid electric vehicles (PHEV), and 4 are used to produce batteries for hybrid electric vehicles (HEV); Capacity will be increased in phases, with full production planned for 2030 and annual output of more than 30GWh.
While focusing on improving the competitiveness of the U.S. electric vehicle market, Toyota is also eager to deeply rooted in China, the world's largest market for new energy vehicles.
On the same day, Toyota China announced that Toyota Motor Corporation (hereinafter referred to as "Toyota") and the Shanghai Municipal government reached a cooperation intention to jointly contribute to the green and low-carbon development of China's society, and decided to establish a research and development and production company for LEXUS pure electric vehicles and batteries in Jinshan District, Shanghai.
The new company will rely on the advanced and mature industrial chain foundation, logistics network, talent system and market scale in Shanghai and the Yangtze River Delta region to develop LEXUS brand pure electric models, and plans to put into production in 2027, with an initial annual capacity of about 100,000 vehicles.
This means that after entering the Chinese market in 1994, nearly 31 years later, Toyota will build a wholly owned factory in Shanghai and officially domesticate Lexus.
Toyota's global sales reached 10.8 million vehicles in 2024, down slightly from 11.2 million in 2023, but still guaranteed it would overtake Volkswagen Group as the world's largest automaker for the fifth year in a row.
Among them, Lexus' global sales in 2024 reached 851,214 units, an increase of 103.3% year-on-year and a record high. In addition to the North American market, China is Lexus' second largest sales market in the world, with more than 180,000 units sold in 2024, making it the only imported luxury car brand in the domestic market to achieve positive year-on-year growth.
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