Benzinga | Nov 19, 2021 08:57AM EST

Toyota Looks To Invest Billions In North America EV Battery Plant

Toyota Motor Corp (NYSE:TM) aims to invest billions of dollars to build a battery plant on the outskirts of Greensboro, North Carolina, to ramp up the output of electrified vehicles in the U.S., Bloomberg reports. Toyota looks to partner with Panasonic Corp (OTC: PCRFF) to accomplish the goal.

* The plant ownership will likely be via the two Japanese companies' battery joint venture Prime Planet Energy & Solutions. Toyota owns 51% of Prime Plant Energy, while Panasonic holds 49%.

* Toyota, which operates ten non-union plants in the U.S., aims to start local production of batteries in 2025.

* Toyota will initially spend around $1.3 billion in conjunction with its trading arm, Toyota Tsusho Corp, to develop land and build facilities, creating 1,750 jobs.

* As per a budget bill, the state is offering $135 million in aid to an unspecified manufacturer interested in the Greensboro industrial park and which will commit, among other things, to "invest at least one billion dollars in private funds and create at least 1,750 eligible positions."

* The bill can provide an additional $185 million in funding if the manufacturer boosts its investment to $3 billion and increases the job creation to at least 3,875 eligible positions at the site.

* Price Action: TM shares closed lower by 0.84% at $184.65 on Thursday.