Toyota Motor Corp will boost its planned investment in a new U.S. battery plant from $1.29 billion to $3.8 billion, partly in response to rising consumer demand for electric vehicles, the company said on Wednesday.
The Liberty plant is slated to open in 2025. PPES will provide expertise in battery making technology and equipment, Bafunno said in an interview. When Toyota announced the initial $1.29 billion investment last fall, North Carolina said the state would boost reimbursement to Toyota by $315 million if the company's investment topped $3 billion.
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