Toyota Announces $8B Expansion at its North Carolina-Based EV Battery Plant

Toyota will invest an additional $8 billion in its first North American electric vehicle battery manufacturing facility, announced the Economic Development Partnership of North Carolina, adding another 3,000 jobs. The project, dubbed “Toyota Battery Manufacturing North Carolina” (TBMNC) was first announced as a $1.29 billion investment in 2021, with expansions in 2022 and 2023. Now valued at $13.9 billion, the project will create more than 5,000 jobs and is expected to be completed in 2025.

“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,” said North Carolina Governor Roy Cooper. “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.”

Located on a 1,825-acre megasite in Liberty, North Carolina, Toyota will manufacture batteries for hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) using 100% renewable energy. This facility is critical in the expansion of Toyota’s global electrification efforts as the company plans to roll out 30 BEV models globally by 2030.

“Today’s announcement is yet another validation of North Carolina’s national recognition as a hub for innovation and a top location for electric vehicle manufacturers and suppliers,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina. “Japanese investment has a significant impact in our state, with more than 28,000 North Carolinians going to work for Japanese companies every day. We value and appreciate the ongoing partnership our state has with Japan and the economic impact this partnership will continue to have.”

Policies like the Inflation Reduction Act have helped propel North Carolina to be one of the top four states in electric vehicle investment over the past year, bringing in more than $10 billion. In the last three years, the state has seen more than $11 billion invested in the electric vehicle industry, including a $2 billion investment from VinFast, a Vietnamese auto manufacturer that selected Chatham County in 2022 for the company’s first North American automotive assembly and battery manufacturing plant.

Aside from car companies, the state has also become a hub for electric vehicle component manufacturing, with investments totaling $760 million from Eplison Advanced Materials, Deere & Company and Kresiel Electric GMBH, and Kempower, Inc. announced in the last eight months. In 2022, Wolfspeed, one of the world’s largest producers of silicon carbide wafers used in electric vehicles to increase battery range, announced a $5 billion investment in its newest semiconductor manufacturing plant.

CNBC named North Carolina its Top State for Business in 2022 and 2023. Last year, North Carolina saw a record-breaking $19.3 billion invested in the state and nearly 29,000 new jobs announced, including 10,275 from 30 foreign direct investment projects worth a combined $5.21 billion.

For more information, visit edpnc.com or www.ToyotaNewsroom.com.