Toyota pledges USD 8 bn more for US battery plant to rev up EV push

The company, which plans to have electrified options for all its models available by 2025, said the latest move will bring its total investment in the plant to about USD 13.9 billion and jobs to more than 5,000. Legacy automakers such as Ford Motor and General Motors have been racing to ramp-up their EV output and close the gap with market leader Tesla, although both Detroit-based companies have scaled back their investment plans after reaching expensive new contract agreements with the United Auto Workers union.

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