Toyota Motor Corp. is planning to invest billions of dollars in a battery plant to be built on the outskirts of Greensboro, North Carolina, as part of the automaker’s efforts to ramp up output of electrified vehicles in the U.S., according to people familiar with the matter.
The car manufacturer hasn’t made a final decision, but is expected to partner with Panasonic Corp. at the facility, said some of the people, who declined to be named as the discussions are private. No formal commitment has been made and the plan could still evolve, these people said.
While details of the ownership and operation of the plant are still unclear, it will likely be via the two Japanese companies’ battery joint venture Prime Planet Energy & Solutions, one of the people said. Toyota spokesman Hideaki Homma said nothing new had been decided regarding the company’s U.S. battery investments. Prime Planet spokesman Masato Tokuhisa said the company is “always considering what’s best in regard to our production,” without commenting on specifics. Panasonic spokeswoman Yayoi Watanabe declined to comment.