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...Toyota is pouring a further $8bn into its battery manufacturing plant in North Carolina, in the largest such investment by a foreign carmaker since the US passed the Inflation Reduction Act in 2022....
...Toyota said some exports might be affected, while Volvo and JLR also use the port....
...Ultimately, the company is planning to quadruple its EV battery capacity annually by 2031, mainly in North America....
...They have to come to North America. They have to find a way in. One of the ways in is to establish a base on America’s southern flank.”...
...Not only for UAW workers, but for all workers in America,” he said. “Just ask the folks at Toyota, which last week announced it would significantly, finally increase wages for their workers....
...In addition to BMW’s choice of Spartanburg, Mercedes opened its biggest North American plant in Tuscaloosa, Alabama, and Toyota chose Georgetown, Kentucky....
...“There is something different about this moment,” says Damon Hart, chief legal officer at Boston-based insurer Liberty Mutual, winner of the 2023 FT innovative in-house legal team award for North America...
...As one of the world’s top battery makers it supplies rivals including Tesla and Toyota. This has resulted in manufacturing innovations....
...While Tesla had planned to start deliveries in 2021, engineering and production challenges linked to its unconventional design delayed the process....
...Until now, Apple and its suppliers have done most of their crucial engineering collaboration in China, which has helped the country become a tech manufacturing powerhouse....
...It ranks around 15th in the world, far ahead of Japan’s market leader, Toyota Motor....
...Toyota, the world’s largest carmaker, said it would invest $8bn more into a North Carolina battery plant....
...In 2020, the yoga wear market grew to a whopping $6.4bn just in North America, according to Fortune Business Insights....
...with the biggest money-spinner models from Ford, General Motors and Stellantis....
...The downgrade by Panasonic, which lowered its full-year operating profit forecast for its battery unit to ¥115bn ($771mn) from ¥135bn, was spurred by slowing demand in North America for Tesla EVs, which...
...But the list of vehicles that qualify for the full tax credit is abridged based on whether it is produced in North America and on the origin of the materials used in the battery....
...Toyoda took over from Eiji as president in 1982 and led the company until 1992, overseeing the expansion of Toyota’s global manufacturing footprint in North America, Europe and south-east Asia....
...Rapidus, which counts IBM as a tech partner, is backed by the Japanese government and leading companies such as Toyota....
...Monthly revenue per viewer in the country is only 70 cents on average, far below the $7.50 average in North America....
...[MUSIC PLAYING] Marc Filippino Toyota announced this week it’s investing $8bn into its battery manufacturing plant in the US state of North Carolina....
...In fact, corporate Japan has poured so much money into the country that it has created a leading regional motor manufacturing centre. Toyota and its group companies employ 275,000 people in Thailand....
...“Considering their technology is at the same level and the political factors involved, it’s unlikely for Panasonic to lose and CATL to win in North America,” said Koji Abe, professor and batteries expert...
...All three South Korean groups have set up joint ventures with US carmakers to produce batteries in North America....
...Insurer Direct Line is to refund customers £30mn after admitting it overcharged some of them for their home and motor cover....
...The $3.8bn plant in Liberty, North Carolina, has $315mn of help from the state government....
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