Toyota is plowing more money into EV production in the US. Just a few months after the automaker announced a $240 million investment in its West Virginia plant, it's pumping another $73 million into the facility.
The company says this will boost hybrid transaxle production capacity to 600,000 units per year. Workers at the plant will also start making around 120,000 rear motor stators annually to bolster production of electric motors. The plant can currently roll 1 million transmissions and engines off the production line per year. Following the latest investment, Toyota will have put over $2 billion into the plant.
Meanwhile, a separate $17 million investment will enable Toyota's Tennessee plant to make approximately 300,000 more hybrid transaxle cases and housings per year (the current capacity is around 1 million). The factory's workers also manufacture around 1.8 million engine blocks a year. The company says these parts are essential for all the Toyota and Lexus EVs it assembles in North America. This brings the automaker's total investment in the plant so far to $389 million.
Toyota is on a mission to offer electrified options across its entire lineup, as well as for Lexus vehicles, by 2025 and to release 30 EV models by 2030. Investing more heavily in EV production will help it reach those goals. Increasing EV battery production is important too, and the company recently announced plans to build a $1.29 billion battery plant in North Carolina.