The $2.5 billion expansion will boost capacity to produce batteries for battery electric vehicles, adding 350 new jobs, the company said
August 31, 2022
LIBERTY, N.C.—Toyota will invest an additional $2.5 billion in its Toyota Battery Manufacturing, North Carolina (TBMNC) facility to add capacity that will support production of batteries for battery electric vehicles (BEVs), the automaker said in a release.
Toyota said its investment is expected to add 350 jobs, bringing total employment to approximately 2,100. The facility, scheduled to begin production in 2025, will produce batteries for hybrid electric vehicles (HEVs) and BEVs.
Last year, Toyota Motor Corporation (TMC) announced a global investment of approximately $70 billion for electrification efforts (8 trillion JPY, based on the December 2021 yen-dollar exchange rate). As part of this goal, TMC reported it is now committing up to $5.6 billion (730 billion JPY)—including the new investment in its North Carolina plant—for future production of batteries.
“This marks another significant milestone for our company,” said Norm Bafunno, Toyota North America’s senior vice president, Unit Manufacturing and Engineering, in the release. “This plant will serve a central role in Toyota’s leadership toward a fully electrified future and will help us meet our goal of carbon neutrality in our vehicles and global operations by 2035.”
In 2021, Toyota, in partnership with Toyota Tsusho, announced the new Liberty location with an initial investment of $1.29 billion for battery production and the creation of 1,750 new jobs. With its most recent announcement, TBMNC’s total investment is $3.8 billion, the company said.“This is an exciting time for Toyota, the region, and the many North Carolinians we will soon employ,” said TBMNC President Sean Suggs, in the release. “This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region.”