Toyota to Invest $2.5B in North Carolina to Support EV Battery Production
LIBERTY, N.C. — Toyota is investing an additional $2.5 billion in its newest North American facility to increase its capacity to produce batteries for hybrid electric and battery electric vehicles.
The announcement on Wednesday triples the company’s planned investment in the facility, the construction of which was announced last December.
The automakers total investment in what will eventually be called Toyota Battery Manufacturing North Carolina now stands at a total $3.8 billion.
The facility, which is expected to create over 2,000 new jobs in the Greensboro, North Carolina, area, is scheduled to begin producing batteries in 2025.
Explaining why Toyota chose North Carolina as the location for the new plant, Toyota Motor North America CEO Ted Ogawa said in December the company was interested in the availability of renewable energy as well as the support of local stakeholders, including governments, utilities, and other current and potential partners.
“The future of mobility is electrification and the Greensboro-Randolph megasite is the ideal location to make that future a reality,” Ogawa said.
“North Carolina offers the right conditions for this investment, including the infrastructure, high-quality education system, access to a diverse and skilled workforce, and a welcoming environment for doing business,” he continued, adding that the choice of the site marked “the beginning of a mutually beneficial partnership with the Tar Heel state as we embark on our journey to achieve carbon neutrality and provide mobility for all.”
North Carolina Democratic Gov. Roy Cooper said Toyota’s investment in the state “is a testament to our world class workforce and growing economy.
“North Carolina is working hard every day toward a clean energy future and projects like this will help us get there,” Cooper said.
Prior to Wednesday’s announced expansion, the plant was projected to have a total of four production lines, each capable of delivering enough lithium-ion batteries for 200,000 vehicles per year.
The additional investment now makes it likely the facility will open with at least six production lines for a combined ability to deliver enough lithium-ion batteries for up to 1.2 million vehicles per year.
“This marks another significant milestone for our company,” said Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America, in a written statement.
“This plant will serve a central role in Toyota’s leadership toward a fully electrified future and will help us meet our goal of carbon neutrality in our vehicles and global operations by 2035,” he said.