Monday, July 15, 2024
NewsToyota Boosts EV Investment by 8 Billion Dollars in North Carolina Facility

Toyota Boosts EV Investment by 8 Billion Dollars in North Carolina Facility

Toyota amplifies its commitment to vehicle electrification with an $8 billion infusion into its North Carolina battery production plant, promising thousands of new jobs.

 

  • Toyota’s new $8 billion investment increases total funding to $13.9 billion, with job creation surpassing 5,000 positions at the North Carolina plant.

  • The plant expansion includes ten battery lines for BEVs and PHEVs, alongside four lines for HEVs, aiming for over 30GWh annual production by 2030.

  • Toyota’s growth in North Carolina is praised by state officials, highlighting the boost to the local economy and advancement towards clean energy initiatives.


 

Toyota has unveiled a significant expansion of its Toyota Battery Manufacturing North Carolina (TBMNC) with an additional investment nearing $8 billion. This move is set to inject a total of approximately $13.9 billion into the facility, with the creation of around 3,000 new jobs, raising the total anticipated employment to over 5,000 individuals.

Construction of the Toyota battery plant in North Carolina | Photo: Toyota

The TBMNC will enhance its production capabilities with the addition of eight new battery production lines dedicated to Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This expansion complements the two lines previously established, culminating in ten lines for these vehicle categories. Moreover, the plant will maintain its initial commitment to produce batteries for Hybrid Electric Vehicles (HEVs) across four dedicated lines. Toyota’s phased strategy envisions an escalation of production with the goal of achieving over 30 gigawatt-hours (GWh) of battery output annually by 2030.

2021 Toyota RAV4 Prime | Photo: Olivier Delorme

Sean Suggs, the president of Toyota North Carolina, underscored the investment as a testament to Toyota’s dedication to electrification and carbon footprint reduction. He emphasized the positive implications for regional job growth and economic prosperity.

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This strategic investment follows Toyota’s 2021 announcement of the new Liberty facility, initially seeded with $1.29 billion and 1,750 jobs. This further establishes Toyota North Carolina as a pivotal center for lithium-ion battery production in North America.

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North Carolina’s leadership, including Governor Roy Cooper, applauded the expansion as a landmark step towards the state’s transition to a cleaner energy economy, promising high-quality job opportunities for local communities.

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