TOYOTA'S BIG BATTERY ANNOUNCEMENT SHOULD WORRY TESLA, CHEVY, AND FORD

EV Channels Review

Toyota is significantly boosting its North American battery production with an $8 billion investment in its North Carolina plant, bringing the total to nearly $14 billion and creating over 5,000 jobs. This expansion will support both Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), notably increasing capacity for PHEVs like the Lexus TX 550h+ and potentially the Grand Highlander. The plant aims for 30 GWh annual production by 2030, adding to a separate 20 GWh agreement with LG Energy Solution. This move is crucial for reducing reliance on Japanese imports for PHEVs and bolstering domestic EV supply. The video also touches on Toyota's record global sales, Panasonic's reduced Japanese EV battery production despite record profits, and the breakdown of the Honda-GM affordable EV development partnership. The reviewer highlights that affordable EVs remain elusive, with even the Equinox EV starting in the mid-$30,000s, making them a luxury for most.