In a statement released on Oct. 31, Toyota (TM) – Get Free Report announced that it will be making an $8 billion investment that will create jobs at the company’s battery plant in North Carolina.
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These additional monies will greatly expand the number of battery production lines dedicated to electric vehicles and plug-in hybrids from just two lines to ten, as well as an additional four lines for hybrid vehicles.
In total, up to 14 lines are planned to be operational by 2030, which will allow Toyota to reach a total production of 30 gigawatt-hours annually.
With the increased amount of production lines, Toyota seeks to add 3,000 more workers, boosting the total number of anticipated jobs at this factory to around 5,000 people.
The start of production at this plant would come in multiple phases through 2030. With this latest expansion, the size of the lithium ion battery campus will increase to about 7 million square feet, built across 1,000 of the site’s 1,800 acres.
“Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region,” said Toyota North Carolina president Sean Suggs. “We are excited to see the continued energy and support of this innovative manufacturing facility.”
This latest investment brings Toyota’s total commitment in North Carolina to the tune of $13.9 billion dollars. This is the second time that Toyota has poured more money into the still-to-be-opened factory. Shortly after the Inflation Reduction Act was passed in August 2022, Toyota added an additional $2.5 billion on top of its initial $1.2 billion investment made in 2021.
As the rules around the Federal EV tax credits dictate how much of an EV’s parts need to be made in North America in order for buyers to qualify for the $7,500 tax credit, Toyota noted in its announcement that the North Carolina facility will be “the company’s epicenter of lithium-ion battery production in North America.” Batteries made at this factory will be used in future Toyota and Subaru-badged vehicles.
A Toyota Motor Corp. FT-Se electric vehicle on display during the Japan Mobility Show in Tokyo, Japan, on Oct. 26. (Photographer: Shoko Takayasu/Bloomberg via Getty Images)
Although Toyota has taken the slow approach to EVs by focusing in on hybrids and plug-in hybrids, the brand’s concept vehicles shown at the Japan Mobility Show shows that more fully battery-electric vehicles are in the works.
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As Toyota’s investment brings jobs and opportunity to North Carolinians, one of the people most excited for this project is North Carolina Governor Roy Cooper, whose constituents would benefit from a large employer being present in the state.
“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 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.”
