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Toyota Doubles Investment in North Carolina EV Battery Plant to $13.9 Billion and Adds 3000 Jobs

The expanded investment boosts Toyota's commitment to electric vehicles, with the North Carolina facility set to become the center for lithium-ion battery production in America. With a total of 10 battery manufacturing lines expected by 2030, the plant aims to promote a clean energy economy and reduce carbon emissions through the production of hybrid and electric vehicle batteries using 100% renewable energy.

Overview

  • Toyota is doubling its investment in a North Carolina battery production plant to $13.9 billion, expecting growth in the US electric and hybrid vehicle markets.
  • The major expansion goes beyond financial input, also boosting employment by adding 3000 jobs and increasing production with 8 additional battery manufacturing lines.
  • The North Carolina manufacturing facility, currently under construction, will be Toyota's primary hub for electric car battery production in America, with production commencing in 2025.
  • The raised capital signifies Toyota's ongoing commitment to carbon-reduction by investing in renewable power for battery production at the North Carolina location.
  • Toyota possesses a 90% stake in the facility, anticipating the production of several models, inclusive of a new three-row, all-electric SUV to be manufactured at Toyota's Kentucky assembly factory starting 2025.