Auto titans Toyota Motor (TM) - Get Free Report and Stellantis (STLA) - Get Free Report (formerly Chrysler) each said they’re going to build battery factories in the U.S., as the race for electric cars keeps on truckin’.
Toyota will invest $3.4 billion in auto batteries in the U.S. through 2030, it said.
“Specifically, the investment is for developing and localizing automotive battery production, including those for battery electric vehicles,” it said.
That’s part of $13.5 billion the company is committing to global battery investment.
Toyota said it would build a $1.29 billion U.S. plant with its affiliate Toyota Tsusho, targeting a start to production in 2025.
The $1.29 billion investment will create 1,750 new American jobs, Toyota said.
Meanwhile, Stellantis and LG Energy Solution, the battery-making unit of South Korean industry-and-technology group LG, unveiled a joint venture to produce batteries for North America.
“The parties intend that the joint venture will establish a new battery manufacturing facility that will help power Stellantis’s goal of realizing more than 40% of its sales in the U.S. comprised of electrified vehicles by 2030,” the company said.
“Targeted to start by the first quarter of 2024, the plant aims to have an annual production capacity of 40 gigawatt hours.
“The batteries produced at the new facility will be supplied to Stellantis assembly plants throughout the U.S., Canada, and Mexico.”
Toyota and Stellantis shares moved in opposite directions on Monday. Toyota recently traded at $177.94, up 1%, and Stellantis at $19.57, down 2%.
In other electric-vehicle news Monday, Tesla (TSLA) shares rose, as Wedbush analyst Dan Ives said he expected an “across the board beat” for Tesla earnings this week.