More EV battery plants set for U.S.

Toyota, Stellantis, Foxconn, Ford and Volvo latest to unveil plans.

Global automakers DETROIT — and tech companies are stepping up the pace when it comes to building factories and prepare for what many believe will be a fast-moving transition from internal combustion engines to electric vehicles.

On Monday, Toyota, Stellantis, Foxconn, Ford and Volvo all made announcements about electric vehicle component or assembly plants, or plans to raise capital to fund the transition. The moves come on top of previous plans from Ford and General Motors to build five U.S. battery factories in anticipation of the shift to electric power.

The moves are ahead of demand at the moment, but forecasters predict that the share of electric vehicles will rise dramatically as more battery-electric models are rolled out as governments increase requirements for zero-emissions vehicles to fight climate change.

At present, only about 4.8% of the 80 million new vehicles sold globally run solely on electricity, according to LMC Automotive.

But the consulting firm Alix Partners predicts that will rise to 11% in 2025 and 24% in 2030. If plug-in gas-electric hybrids, which can travel short distances solely on electricity, are included, that figure rises to 28% in 10 years.

Toyota said it plans to build a new $1.29 billion factory in the U.S. to manufacture batteries for hybrid and fully electric vehicles.

The location wasn’t announced, but the company said it eventually will employ 1,750 people and start making batteries in 2025.

The plant is part of $3.4 billion that Toyota plans to spend in the U.S. on automotive batteries during the next decade.

Stellantis, formerly Fiat Chrysler, and LG Energy Solution said Monday that they plan to build a battery manufacturing facility to help the automaker get 40% of its U.S. sales from vehicles that run at least partly on electricity by 2030. They didn’t say where the plant would be.

Also Monday, the Taiwanese company that makes smartphones for Apple and others, Foxconn Technology Group, said it would produce electric cars and buses for auto brands in China, North America, Europe and other markets.

Volvo Cars on Monday unveiled more details of its initial public offering that would value the company at 163-200 billion kronor ($18.8-$23 billion) when shares start trading Oct. 28.

And Ford Motor Co. announced that it will turn a transmission factory in northwest England into a plant that will make electric power units for cars and trucks sold throughout Europe.