Toyota’s additional $8 billion for the North Carolina plant supports batteries for electric vehicles, hybrids and PHEVs
This is Toyota’s largest single investment in the United States and will create 3,000 new jobs.
October 31, 2023 in 2:40 PM ET
Toyota is bolstering its electric vehicle expansion plans in the United States by pledging an additional $8 billion for a battery factory under construction in North Carolina, bringing total investments at the site to $13.9 billion, the brand said in a press release.
The additional investment will lead to a five-fold increase in the number of battery production lines for electric vehicles (BEVs) and hybrid electric vehicles (PHEV), from two to 10 lines. Four additional battery production lines will power hybrid vehicles (HEVs). The 14 lines would bring Toyota’s annual battery production capacity to an estimated 30 gigawatt-hours by 2030.
A company spokesperson confirmed that if all goes as planned, this will be Toyota’s largest investment in a single project in North America Car News. In Toyota’s words, it will be “the center for lithium-ion battery production in North America.” The Japanese automaker’s total investment in the Randolph County site will also add 3,000 additional jobs, bringing the total number of jobs at the site to more than 5,000, the North Carolina Department of Commerce said.
This is Toyota’s third investment expansion announcement at the North Carolina location, following a total of $3.8 billion announced by the brand on two previous occasions.
“Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region,” said Sean Suggs, Toyota North Carolina president. “We are excited to see the continued energy and support provided by this innovative manufacturing facility,” he added.
The Aichi-based brand plans to launch 10 new BEVs by 2026, one of which will be a three-row electric SUV that it plans to manufacture here in the US at its plant in Georgetown, Kentucky, tentatively called the bZ5X. An equivalent Subaru is also said to be in production, and will be manufactured at the same location.
Toyota made a lot of noise at the recently concluded Japan Mobility Expo, giving us a sneak peek at its luxury concepts and future offerings, including the Ford Maverick-sized EPU electric pickup, a GR-branded electric sports car called the FT-Se, and several Lexus, including the LF-ZC electric sedan, has already been confirmed for production.
Learn about all the cool electric cars from the Japan Mobility Show by listening to our podcast below.