Automakers are in a race to make EV batteries

Toyota TM is the latest automaker to join the highly competitive field to build batteries for electric vehicles.

The Japanese automaker said on August 31 that it will spend another $2.5 billion at its North Carolina battery plant, called Toyota Battery Manufacturing North Carolina.

The investment in its newest facility in North America will increase capacity to support battery production. Toyota plans to hire another 350 employees for a total of 2,100 workers.

Production of batteries for hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) will start in 2025.

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