"This investment will help usher in more affordable electrified vehicles for US consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility," said Ted Ogawa, CEO of Toyota Motor North America.

Toyota was an early leader in electrified vehicles and has sold more than 18.7 million hybrids since it introduced the first Prius in 1997.

Toyota isn't sharing the expected output of the battery plant yet, but it does say the joint venture with Toyota Tsusho will cost $1.3 billion between now and 2031 and that it will create 1,750 new jobs.

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