The new plant at a site in Liberty, which will begin production in 2025, will initially be able to supply lithium-ion batteries for 800,000 vehicles annually, and will “pave the way” for US production of Toyota’s electric vehicles.
see photosThe investment will be made by a new company called Toyota Battery Manufacturing
Toyota Motor Corp. announced Monday that it is building a new $1.29 billion battery plant in North Carolina as it moves to expand its hybrid and electric vehicle efforts.
The new plant at a site in Liberty, which will begin production in 2025, will initially be able to supply lithium-ion batteries for 800,000 vehicles annually, and will “pave the way” for US production of Toyota’s electric vehicles, Chris Reynolds, chief administrative officer of Toyota Motor North America.
The investment will be made by a new company called Toyota Battery Manufacturing and is expected to create 1,750 new US jobs.
The investment is expected to create 1,750 new jobs in the US.
In October, Toyota said it would set up a new company and build a new US automotive battery plant with Toyota Tsusho, the automaker’s metals business arm, and a unit of the Toyota Group. Toyota will have a 90% stake in the battery company.
North Carolina said the new plant will initially produce batteries for Toyota’s hybrid vehicles, and intends to produce batteries for EVs in the long run.
The state will reimburse Toyota up to $79.1 million over 20 years and could receive an estimated $315 million if Toyota expands the project to $3 billion.
The state approved additional assistance to help with final site preparedness, including $135 million for road and other site improvements. If Toyota expands the project, another $185 million in site development funding will become available.
Toyota said the North Carolina plant plans to eventually expand to at least six production lines for 1.2 million batteries annually.
The investment is part of Toyota’s October announcement that it would invest $3.4 billion (380 billion yen) on US automotive battery development and production by 2030.
Toyota said the North Carolina plant plans to eventually expand to at least six production lines for 1.2 million batteries annually.
The funds are part of the $13.5 billion Toyota announced in September, which it plans to spend globally by 2030 to develop the battery.
Automakers around the world are investing billions of dollars to accelerate battery and electric vehicle production as they face increasingly stringent environmental regulations.
Toyota has launched a lobbying campaign to try to persuade US lawmakers not to include an additional $4,500 tax incentive for union-built electric vehicles.
In August, US President Joe Biden signed an executive order setting a goal of making half of all new vehicles sold in 2030 zero-emissions vehicles.
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Biden’s 50% target and automakers’ 2030 targets include battery electric, fuel cell and plug-in hybrid vehicles that also have a gasoline-engine.
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