2022-08-31 Further Investment on the Automotive Battery Factory in the US

Toyota Tsusho Corporation ("Toyota Tsusho") has announced that Toyota Tsusho together with Toyota Motor North America, Inc ("TMNA"), an entity of Toyota Motor Corporation in the US, started its preparation for manufacturing automotive batteries at Toyota Battery Manufacturing, North Carolina ("TBMNC").

Further US$ 2.5 Billion (approx. 325 Billion Japanese Yen) is going to be invested on TBMNC to ramp up its battery production capacity for electric vehicles (BEVs), which will enable TBMNC to create another 350 jobs, bringing the total employment to approximately 2,100. TBMNC is scheduled to commence its operation from 2025 and is manufacturing batteries for hybrid electric vehicles (HEVs) and BEVs.

Toyota Tsusho group pledged last July to reduce greenhouse gas emission (GHG) by 50% compared to 2019 by 2030, and to achieve carbon neutrality by 2050, and the group established “Carbon Neutral Roadmap 2030” last November. The group positions business that promotes and contribute to the reduction of GHG as one of its top priority business domains. Of which, the group views the automotive battery business as a growing pillar for the future, and exerts itself to support the start-up, management and production at TBMNC, leveraging its broadly well-developed and seasoned knowhow and value creation, derived from the automotive manufacturing business.

Toyota Tsusho group contributes to a decarbonized society through industrial life cycle and through promoting carbon neutrality, to pass on a better global environment to the children of the future.