Toyota and other companies announced plans Monday to build factories or raise funds as they anticipate a transition from gas-powered vehicles to electric ones.
Japanese car manufacturer Toyota announced plans Monday to funnel $1.29 billion into building a factory in the U.S. to produce batteries for hybrid and electric vehicles, the Associated Press reported.
Toyota is one of a handful of companies that announced plans Monday to build new factories or raise funds as they anticipate a transition from gas-powered vehicles to electric ones. But the consulting firm Alix Partners predicts that will rise to 11 percent in 2025 and 24 percent in 2030. If plug-in gas-electric hybrids, which can travel short distances solely on electricity, are included, that figure rises to 28 percent in 10 years.
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