Toyota will invest a further US$2.5 billion into its manufacturing plant in North Carolina to increase EV and hybrid production.
The Japanese marque, in partnership with its sales network and trading sub-division ‘Toyota Tusho’, announced last year that US$1.29 billion (around $1.69 billion) would be invested into its North Carolina plant – located in Liberty – as a means of increasing battery production for its North American market, further stating that the facility would create up to 1,750 new jobs.
Toyota Battery Manufacturing North Carolina
Today’s announcement means Toyota’s investment specifically into the Liberty plant has now tripled to US$3.8 billion (just under $5 billion), with a further 350 jobs also set to be introduced. The US$2.5 billion payment ( around $3.2 billion) is part of US$5.6 billion (around $7.35 billion) worth of funding Toyota is putting into future battery production commitment, all part of the brand’s global drive towards “a fully electrified future” and carbon-neutrality across their vehicles and global operations by 2035.
“This is an exciting time for Toyota, the region and the many North Carolinians we will soon employ,” explains North Carolina plant president, Sean Suggs. “This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region.”
Production at the Liberty plant is set to begin in 2025, with a combination of fully-electric and hybrid models set to roll off the assembly line.
