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Japanese banks lend US$322 million for US battery plant
Toyota investing US$8 billion in North Carolina manufacturing site
Michael Marray 5 Jun 2024

Japan Bank for International Cooperation has signed a US$193 million loan with Toyota Motor Corporation for battery manufacturing in the United States.  

The loan is co-financed by Sumitomo Mitsui Banking Corporation, MUFG Bank, and Mizuho Bank, bringing the total amount to US$322 million.

The loan will help Toyota Battery Manufacturing, North Carolina, a company established by Toyota’s US subsidiary Toyota Motor North America, to manufacture batteries for battery electric vehicles (BEVs).

As part of its sustainability promotion strategy towards carbon neutrality by 2050, Toyota has established a multi-pathway policy, which aims to introduce optimal power trains, such as BEVs, according to the energy situation in particular markets.

The loan will support Toyota's overseas business expansion, thereby contributing towards enhancing supply chain resilience and enhancing the international competitiveness of the Japanese automobile industry.

In October 2023, Toyota announced plans to invest an additional US$8 billion in its electric battery manufacturing site in Randolph County, North Carolina, including hiring another 3,000 employees.

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