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Toyota supports Redwood Materials’ EV battery recycling programme

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Redwood Materials Inc, a U.S. startup, announced on Tuesday that Toyota Motor Corp (7203.T) of Japan has become the latest auto industry titan to join its comprehensive electric vehicle battery recycling and remanufacturing initiative.

Toyota’s planned $1.3 billion battery plant in North Carolina, as well as Ford’s planned battery plants in Tennessee and Kentucky, would be supplied by the new facility.

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Tesla CEO Elon Musk has stated that the company expects to build up to 20 million EVs per year by 2030, with total global EV production including Tesla reaching up to 40 million, according to industry forecasters.

Toyota has been manufacturing hybrid electric vehicles under the Prius brand for over two decades. With an average car lifespan of about 12 years, some early Prius models will be nearing the end of their useful lives.