Japanese carmaker Toyota has allocated a further $8bn to expand its battery manufacturing plant in the US state of North Carolina.
The company announced yesterday (31 October) that the investment will add capacity to support the production of electric vehicles (EVs) and hybrid batteries, creating around 3,000 new jobs and bringing the total number to 5,000.
In addition, eight additional battery production lines will be added to the two previously announced by Toyota. When completed in 2030, the expanded campus will be 7 million square-foot and reach a total production capacity of more than 30GWh annually.
“Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region,” said Sean Suggs, president of Toyota North Carolina. “We are excited to see the continued energy and support of this innovative manufacturing facility.”
The new injection brings Toyota’s total investment in the Toyota Battery Manufacturing North Carolina plant to approximately $13.9bn.
In 2021, Toyota partnered with Toyota Tsusho to build the battery production facility in Liberty, North Carolina. The initial investment was $1.29bn, leading back then to the creation of 1,750 new jobs. In May this year, company officials said they would build another $50m battery lab at its US R&D headquarters in Michigan.
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Ever since the US Congress passed the Inflation Reduction Act (IRA) in August 2022, new investment projects have been initiated across North Carolina.
A report published by the Joint Economic Committee in Congress in August shows that in the span of one year, the IRA has spurred $9.6bn in funding for clean energy projects, which will create at least 4,100 jobs in the region.
North Carolina Governor Roy Cooper welcomed Toyota’s plant expansion, saying: “North Carolina’s transition to a clean energy economy is bringing better paying jobs that will support our families and communities for decades to come.
“Through the last few years of building relationships, including my most recent trip to Tokyo and meeting with President Sato, our partnership with Toyota has become stronger than ever, culminating in this historic announcement.”