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Toyota to increase investment in electric vehicles by 2.1 billion dollars

On June 1, Toyota Motor announced an additional $2.1 billion investment in electric vehicle expansion. These funds will be used to build a “battery” plant in North Carolina. The site, called Toyota Battery Manufacturing North Carolina (TBMNC), is currently under construction. Given the previously allocated amount, the corporation is investing $5.9 billion in battery production in the U.S.

The lithium-ion batteries made at TBMNC will be used to equip a new seven-seat electric SUV designed specifically for North America. It will be produced at Toyota’s plant in Kentucky.

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