Monday, June 17, 2024
NewsToyota will Invest $3.8 Billion in its North Carolina Battery Plant

Toyota will Invest $3.8 Billion in its North Carolina Battery Plant

Toyota almost tripled its investment in the battery plant it is building in North Carolina.

  • The batteries made there will be destined for electric and hybrid vehicles

  • The plant is expected to come online in 2025

  • Construction is currently underway

Toyota is changing its plans for the upcoming battery facility it is currently building in North Carolina by boosting its investment almost threefold.

The original plans for this new factory called for a $1.2 billion investment that would lead to the employment of 1,750 workers to build batteries for the company’s hybrid vehicles.

Now, Toyota has added fully electric vehicles to the products that will use batteries made in North Carolina.

This is why the plant will need to be larger than originally anticipated, with new previsions calling for 2,100 employees after a total investment of $3.8 billion.

This will be the third largest investment Toyota has ever made in the United States and it is in part motivated by the recent changes to the US EV tax credits.

According to the automaker, two lines of BEV batteries will be added to the four lines of hybrid batteries that were already planned.

Construction has already begun on a 1,800-acre lot near Liberty, in North Carolina, with the goal of achieving regular production in 2025.

Even with the bonified investments, this factory is expected to occupy only a small section of the lot it will be built on, which means that there will be room for future expansions.

As of now, the new estimates for the production capacity of this facility are not available, but it will be enough to supply more than 200,000 vehicles every year since that was the target before the investment was almost tripled.

This new factory is part of Toyota’s plan to sell 3.5 million electric cars globally by 2030 under the Toyota and Lexus brands.

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