Currently electric vehicles make up about a quarter of WhatsApp Number Database Toyota’s sales, but the company says that will increase to 70% by 2030. The agreement to build the facility follow’s Toyota’s announcement in October that it will spend $3.4 billion through 2030 to make batteries in the United States. That is part of its plan to invest $13.6 billion overall on battery production, which includes efforts to improve battery technology and cost. Electric vehicle use is expected to rapidly grow in the coming years. A report by BloombergNEF says that sales will grow by 80% and surpass 5.6 million units in 2021 and that the number of zero emissions vehicles could reach 655 million by 2040. The production and use of electric vehicles are also key components of net zero plans by both manufacturers and policy makers.
At COP26 11 automakers and more than 30 countries signed a pledge for all new vehicle sales to be zero emissions by 2040, although Toyota was not among them. The company told Reuters that it is ready to help accelerate efforts regarding zero emissions vehicles, but it doesn’t think the foundation exists in many parts of the world for complete use of the vehicles and it will take more time to make progress toward reaching the goal. Still, with legislation such as the US’s Build Back Better Act, which has a significant focus on renewable energy, including $320 billion of tax s in part that are aimed at encouraging the use and production of electric vehicles, battery production is expected to continue to be a priority. The new battery plant will be named Toyota Battery Manufacturing, North Carolina. Toyota says it picked the site in part because of renewable energy availability in the area. The company says it expects to use 100% renewable energy at the facility.
