S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20
S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20
S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20
S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20

Toyota to build $1.29B US battery plant employing 1,750

Monday, October 18, 2021 | Tom Krisher, AP Auto Writer

Auto Sales Toyota
The Toyota logo is shown on a dealership in Manchester, N.H., in this Thursday, Aug. 15, 2019, file photo. Toyota plans to build a new $1.29 billion factory in the U.S. to manufacture batteries for gas-electric hybrid and fully electric vehicles. The plant location wasn't announced, but the company said it eventually will employ 1,750 people and start making batteries in 2025, gradually expanding through 2031. (AP Photo/Charles Krupa, File)

DETROIT (AP) — Toyota plans to build a new $1.29 billion factory in the U.S. to manufacture batteries for gas-electric hybrid and fully electric vehicles.

The move comes amid a flurry of global announcements about shoring up production of batteries for electric vehicles. Most automakers are working to transition away from internal combustion engines to zero emission battery vehicles.

The Toyota plant location wasn't announced, but the company said it eventually will employ 1,750 people and start making batteries in 2025, gradually expanding through 2031.

The plant is part of $3.4 billion that Toyota plans to spend in the U.S. on automotive batteries during the next decade. It didn't detail where the remaining $2.1 billion would be spent, but part of that likely will go for another battery factory.

Stellantis, formerly Fiat Chrysler, and LG Energy Solution said Monday that they plan to build a battery manufacturing facility to help the automaker get 40% of its U.S. sales from vehicles that run at least partly on electricity by 2030. They didn't say where the plant would be.

Also Monday, the Taiwanese company that makes smartphones for Apple and others, Foxconn Technology Group, said it would produce electric cars and buses for auto brands in China, North America, Europe and other markets.

Volvo Cars on Monday unveiled more details of its initial public offering that will fund its ambitious plan to transform into an all-electric vehicle company by 2030. The Swedish auto brand, owned by Chinese carmaker Geely, said the IPO would value the company at 163-200 billion kronor ($18.8-$23 billion) when shares start trading Oct. 28.

And Ford Motor Co. announced that it will turn a transmission factory in northwest England into a plant that will make electric power units for cars and trucks sold throughout Europe.

Toyota joins Ford and General Motors in announcing recent large investments in U.S. battery factories. GM plans to build battery plants in Ohio and Tennessee, while Ford has plans for plants in Tennessee and Kentucky.

Toyota will form a new company to run its new U.S. battery plant with Toyota Tsusho, a subsidiary that now makes an array of parts for the automaker. The company also will help Toyota expand its U.S. supply chain, as well as increase its knowledge of lithium-ion auto batteries, Toyota said Monday.

“Today's commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” Ted Ogawa, Toyota's North American CEO, said in a statement.

The new plant would likely be near one of the company's U.S. assembly plants in Missouri, Kentucky, Indiana, Alabama or Texas.

Toyota plans to sell 2 million zero emission hydrogen and battery electric vehicles worldwide per year by 2030. In the U.S., Toyota plans to sell 1.5 million to 1.8 million vehicles by 2030 in the U.S. that are at least partially electrified.

Now in the U.S., it offers hydrogen vehicles, hybrids and plug-in hybrids that can travel a relatively short distance on electricity before switching to a gas-electric hybrid powertrain. Toyota says vehicles that operate at least partially on electricity now account for about a quarter of its U.S. sales, and it plans for that to rise to nearly 70% by 2030.

The company says it will have 15 battery electric vehicles for sale globally by 2025.

Should you invest $1,000 in Toyota Motor right now?

Before you consider Toyota Motor, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Toyota Motor wasn't on the list.

While Toyota Motor currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The 5 Stocks Here

 


Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
General Motors (GM)2.7$60.17-3.2%N/A8.04Buy$70.16
Apple (AAPL)2.7$156.81-3.2%0.56%27.90Buy$165.89
Toyota Motor (TM)2.0$179.83-2.7%2.42%8.64BuyN/A
Compare These Stocks  Add These Stocks to My Watchlist 

Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.