Toyota to build $1.29 billion North Carolina battery plant

Toyota Motor Corp (7203.T) will build a new $1.29 billion plant in North Carolina to build batteries for electric vehicles, the state’s governor and the automaker said Monday.

North Carolina Governor Roy Cooper made the announcement at an event Monday. The largest Japanese automaker confirmed it will locate the plant at a site in Liberty, N.C. that will begin production 2025 and be capable of supplying lithium-ion batteries for 800,000 vehicles annually.