Toyota to build $1.29B battery manufacturing plant in North Carolina
The plant will come online in 2025 and will have four production lines
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Toyota has selected North Carolina's Greensboro-Randolph megasite as the location of a new $1.29 billion automotive battery manufacturing plant.
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The plant, which will come online in 2025, will have four production lines, each capable of delivering enough lithium-ion batteries for 200,000 hybrid and electric vehicles. Toyota plans to expand the facility to at least six production lines to produce enough battery packs for up to 1.2 million vehicles per year.
Toyota said it selected the Greensboro-Randolph megasite due to the area's renewable energy availability, extensive and well-maintained highway system for overland logistics, four international airports and two seaports, onsite rail, diverse workforce, world-renowned education system and strong government partnership at the state and local levels.
"The future of mobility is electrification and the Greensboro-Randolph Megasite is the ideal location to make that future a reality," Toyota North America CEO Ted Ogawa said in a statement.
"North Carolina offers the right conditions for this investment, including the infrastructure, high quality education system, access to a diverse and skilled workforce, and a welcoming environment for doing business. Today marks the beginning of a mutually beneficial partnership with the Tar Heel state as we embark on our journey to achieve carbon neutrality and provide mobility for all."
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Toyota Battery Manufacturing North America is expected to create 1,750 new American jobs. The automaker emphasized it is committed to using 100% renewable energy at the new facility to produce the batteries as it looks to reach carbon neutrality for its vehicles and operations by 2050.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 169.67 | -2.99 | -1.73% |
The $1.29 billion investment from Toyota and Toyota Tsusho is partially funded by a $3.4 billion commitment to invest in U.S. automotive batteries through 2030. Toyota will have a 90% stake in the project, while Toyota Tsusho, a subsidiary that now makes an array of parts for the automaker, will have a 10% stake.