Published - June 1rst, 2023 @ 3:30 PM (GMT+2 )
Toyota Sets a Record with North Carolina EV Battery Plant Investment
Toyota (NYSE:TM) has taken a significant leap in its commitment to electric vehicle (EV) production, increasing its investment in the North Carolina-based EV battery plant by an impressive $2.1 billion, totaling a landmark $5.9 billion investment. This considerable investment is the largest single economic development project ever committed in the history of North Carolina, dwarfing the planned $5 billion Wolfspeed semiconductor manufacturing plant in Siler City.
From $1.29 Billion to $5.9 Billion: Toyota's Growing Investment
Initially announced in December 2021, Toyota’s initial investment was $1.29 billion, promising 1,750 jobs at the Greensboro-Randolph County mega site. Fast forward to today, and this investment has swelled more than fourfold. Toyota’s expansion has earned state incentives amounting to $271.4 million, with the Randolph County government providing $167.3 million in local incentives.
The North Carolina plant, which will cover 2 million square feet over three buildings, is expected to commence production in 2025. Among the structures will be two 500,000-square-foot buildings dedicated to hybrid electric vehicle battery production and a 1-million-square-foot building for pure EV battery production. With an initial setup of six battery production lines, the site will also feature two new unspecified square footage production buildings as part of the $2.1 billion expansion.
Toyota Kentucky Plant Takes the Lead in Carbon Reduction Efforts
Simultaneously, the company is forging ahead with its plan to manufacture a new electric SUV at its Kentucky plant. The Kentucky plant, Toyota's largest manufacturing facility globally, has the capacity to produce 550,000 vehicles annually and is set to lead Toyota's vehicle carbon reduction efforts in the United States.
Moreover, Toyota has revealed that its first U.S.-assembled EV, a three-row SUV, will be powered by batteries from its new North Carolina battery factory. This step is part of Toyota's drive towards carbon neutrality and supports its ambitious goal of selling 1.8 million electric or hybrid vehicles in the U.S. by 2030.
Toyota’s Stride in Electrification: 23 Million EVs on Global Roads
Being a pioneer in electrified vehicles, Toyota has put over 23 million hybrids, plug-in hybrids, fuel cell electric, and battery electric vehicles on the global roads – surpassing all other automakers combined. By 2025, Toyota aims to provide an electrified option for every Toyota and Lexus model worldwide. While enhancing Toyota’s product electrification efforts, the company has invested more than $8 billion in its U.S. manufacturing operations over the last two years.
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