Toyota Tsusho : to further Invest on Battery Factory for Vehicles in the US
June 31, 2023 at 09:54 pm EDT
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2023-06-01
Toyota Tsusho Corporation ("Toyota Tsusho"), who established Toyota Battery Manufacturing, North Carolina (TBMNC) together with Toyota Motor North America, Inc ("TMNA"), regional headquarters of Toyota Motor Corporation in the US, is set to prepare for the production commencement. TBMNC is to manufacture batteries for vehicles in the US market.
Toyota Tsusho and TMNA have decided to ramp up its capital to develop infrastructure, and further to invest approximately 2.1 billion US Dollars on the TBMNC, currently under construction, to support its future expansion, expecting demand of the batteries to be soaring in the future. Of which, Toyota Tsusho is set to make a further investment of 210 million US Dollars.
TBMNC contributes to the realization of the carbon neutrality with production and provision of lithium- ion battery required to meet the increasing demand of electric vehicles.
TBMNC at a glance
Name
Toyota Battery Manufacturing, North Carolina
Location
Greensboro Randolph Megasite, North Carolina, USA
Establishment
November 2021
Operation
Scheduled to start in 2025
President
Sean Suggs
Investment Ratio
TMNA 90%, Toyota Tsusho 10%
Total Employees
Approx. 150
Business Details
Manufacturing batteries for vehicles
(Production of batteries for hybrid electric vehicles and battery electric vehicles is slated to start in sequence in 2025)
Toyota Tsusho group announced both its target for carbon neutrality by 2050 in July 2021 and its trajectory through "Carbon Neutral Roadmap 2030" in November 2021, in order for the group to reduce greenhouse gas emission ("GHG") by 50% compared to 2019 levels by 2030, and to achieve carbon neutrality by 2050.
Promoting businesses that contribute to the GHG reduction is Toyota Tsusho group's one of important strategies. Among those businesses, Toyota Tsusho views business for batteries of vehicles as a crucial strategy for the future growth. Through creating a wide range of added value with a leverage of its experience from the automotive manufacturing business, Toyota Tsusho supports TBMNC starting the operation and managing its stable battery manufacturing.
Toyota Tsusho contributes to a transition to decarbonized society, propelling businesses for the carbon neutrality, to pass on a better global environment for the children of the future.
The information in this release is current as of the date of announcement.
Please note that information may change after the date of announcement. Thank you in advance for your understanding.
Toyota Tsusho Corporation published this content on 01 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2023 01:53:06 UTC.
Toyota Tsusho Corporation is a diversified group organized around 7 areas of activity:
- production of metal (24.1% of net sales): steel bars, flat steel, wires, pipes, aluminum, etc.;
- manufacturing of chemical products and electronic components (23.2%);
- production of automobile components and accessories (12.4%). Toyota Tsusho Corporation also offers logistics services and tire assembly services;
- manufacturing of industrial machines equipment and gas (10.9%);
- sale of vehicles (7.9%): private cars, vans, heavy vehicles and motorbikes/scooters. The group also sells spare parts and offers after-sales services;
- manufacturing of food products (7.7%);
- other (13.8%): sale of insurance products (life, health, accident and house), accommodation services, sale of medical equipment and services, sale of textile products and office supplies.
Net sales are distributed geographically as follows: Japan (30.8%), China (14.4%), Africa (13.7%), the United States (9.8%) and other (31.3%).