Toyota to invest an additional USD 2.5 billion to expand the North Carolina battery plant.
Play the article!

Toyota to invest an additional USD 2.5 billion to expand the North Carolina battery plant.

The investment will add 350 more jobs to the plant and increase the battery production capacity of the Toyota North Carolina battery plant.

Toyota has decided to invest an additional $2.5 billion to expand the battery production capacity of the North Carolina battery plant, Toyota Battery Manufacturing, North Carolina (TBMNC).

The investment will add 350 more jobs to the plant and increase the battery production capacity. The plant will start producing batteries for hybrid electric vehicles (HEV) and BEVs in 2025.

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 today’s announcement, TBMNC’s total investment is $3.8 billion.

Last year, Toyota Motor Corporation (TMC) announced a global investment of approximately $70 billion for electrification efforts. Today, as part of this aspirational goal, TMC announced a future battery production commitment of up to $5.6 billion, which includes the new North Carolina investment.

Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America, said: This marks another significant milestone for our company. 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.

Sean Suggs, TBMNC president, said: This is an exciting time for Toyota, the region, and the many North Carolinians we will soon employ. This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region.

Click here and follow us on Google News for regular EV updates.

Spread the love

Leave a Comment

Your email address will not be published.