Envision AESC was one of the industry's first EV battery producers. Now it's committing $2 billion to boost its U.S. market presence.
Mercedes has set the stage for the mass production of luxury electric vehicles in the U.S. And its massive Alabama plant will be key in taking the fight to EV kingpin Tesla.
The 50-50 company will be established this year with the goal of starting EV sales and providing mobility services in 2025. The deal is still subject to regulatory approval.
The proposal would boost consumer tax credits to as much as $12,500 for EVs assembled in a factory represented by unions with U.S.- produced batteries.
Lexus' only battery electric offering, the UX 300e, chipped in just 5,800 units, a long way from its target of 1 million EVs a year in 2030.
Toyota's announced a $1.29 billion battery plant in Liberty, N.C., will have capacity for 1.2 million battery packs per year, suggesting more local investment will follow.
Entering the EV era will require Lexus to not only engineer all-electric cars but reengineer the production process that builds them.