Elgin Area Chamber Of Commerce: Toyota Accelerates EV Push, Another Starbucks Union Fight, Senate Passes Raising Debt Limit

Elgin IL

16 December, 2021

2:32 AM

Description

Press release from the Elgin Area Chamber of Commerce: December 15, 2021 By Richard Lawson CoStar News   Toyota Accelerating EV Push Japan-based automaker Toyota, which recently chose North Carolina for its first electric vehicle battery plant in North America, said the company will invest $35 billion to have a full line-up of EVs by 2030. By then, the company plans to sell 3.5 million EVs every year, about a third of the 9.9 million in global sales Toyota recorded in its fiscal year that ended March 31, which could mean changes at the company's five assembly and three engine plants in the United States. Toyota said it also will spend nearly $4.4 billion more on battery research and production to take the total to $17.6 billion. The company introduced hybrid vehicles, notably the Prius, in the 1990s. Its assembly plant in Georgetown, Kentucky, produces the Avalon Hybrid and the Camry Hybrid; its operation in Princeton, Indiana, the Highlander Hybrid and the Sienna Hybrid. Its luxury Lexus brand will become all EV by 2030, the company said. Lexus vehicles are assembled in Georgetown as well as Cambridge in Ontario, Canada. The company had been cautious about pushing more into full EVs while Ford, General Motors and others have ramped up efforts. In the U.S., Toyota executives said in a media briefing that demand is expected to be strongest on the East and West coasts, and the shift in demand in the Midwest will be more of a challenge. Another Starbucks Union Fight Coffee chain Starbucks now has another union fight on its hands after losing a battle at a store in Buffalo, New York. Baristas at two locations in the Boston area filed with the National Labor Relations Board on Monday to unionize. This comes after the company lost a battle at one store in Buffalo last week. While it won out over an attempt to unionize a second Buffalo store, a third store in the area still hangs in the balance because of challenged ballots. Starbucks, which has roughly 9,000 company-owned stores in the United States, has seen a rise in union efforts. Employees at three stores in the Buffalo area have filed to organize as well as at a store in Mesa, Arizona. Senate Passes Raising Debt Limit The Senate approved a bill raising the country's borrowing capacity just before the Wednesday deadline to avoid putting the country in default for the first time. The House was expected to approve the legislation, which passed 50-49 along party lines, Tuesday night for President Biden to sign later in the evening or early Wednesday morning to raise the limit by $2.5 trillion. The House last week approved a one-time mechanism that allowed the Senate to avoid a filibuster and approve the legislation on a simple majority vote. Treasury Secretary Janet Yellen had warned for months that the country was in danger of default. Source: www.CoStar.com   This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author's own.