Toyota Motor on Wednesday said it has started production at a new $13.9 billion battery plant in North Carolina and confirmed plans to invest up to $10 billion more than previously expected over the next five years in the United States.

The Japanese automaker did not release details about the increased investment other than Toyota Motor North America CEO Tetsuo Ogawa calling it a "pivotal moment" in the company's history along with the new battery plant, according to a release.

The facility is Toyota's first in-house battery plant outside of Japan. It was first announced in December 2021 amid the Biden administration's push to onshore production of batteries for hybrids and all-electric vehicles.

Since then, market conditions for EVs have soured, while demand for hybrids c

See Full Page