Toyota Announces Additional $8 Billion Investment at NC EV Battery Plant
This brings the automaker's total investment to approximately $13.9 billion and job creation to more than 5,000.
Written by Autobody News Staff
Published Nov. 7, 2023
Toyota on Oct. 31 announced a new investment of nearly $8 billion that will add approximately 3,000 jobs at Toyota Battery Manufacturing North Carolina (TBMNC). This brings total investment to approximately $13.9 billion and job creation to more than 5,000---further supporting Toyota’s multi-pathway approach to global vehicle electrification.
This investment adds capacity to support battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). An additional eight BEV/PHEV battery production lines will be added to the two previously announced, for a total of 10 BEV/PHEV battery lines. In addition, as originally announced, the plant will also have four battery lines for hybrid electric vehicles (HEVs). Production will be increased in a phased approach, with line launches planned through 2030 to reach a total production of more than 30GWh annually.
“Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region,” said Sean Suggs, president of Toyota North Carolina. “We are excited to see the continued energy and support of this innovative manufacturing facility.”
In 2021, Toyota, in partnership with Toyota Tsusho, announced the new Liberty location with an initial investment of $1.29 billion for battery production and the creation of 1,750 new jobs. With the latest announcement, Toyota North Carolina solidifies its position as the company’s epicenter of lithium-ion battery production in North America. Overall, the campus will boast 7 million square feet, equating to 121 football fields of battery production.
“Through the last few years of building relationships, including my most recent trip to Tokyo and meeting with President Sato, our partnership with Toyota has become stronger than ever, culminating in this historic announcement,” said North Carolina Gov. Roy Cooper. “North Carolina’s transition to a clean energy economy is bringing better paying jobs that will support our families and communities for decades to come.”
A pioneer in electrified vehicles, Toyota has put more than 24.6 million hybrid, plug-in hybrid, fuel cell and battery electric vehicles on the road globally. By 2025, the company plans to have an electrified option available for every Toyota and Lexus model globally.