LIBERTY, N.C. – Toyota has announced an additional investment of $2.5 billion in its newest North American facility, Toyota Battery Manufacturing North Carolina (TBMNC). This investment adds capacity to support battery electric vehicle battery production and adds 350 jobs, bringing the total employment to approximately 2,100. Scheduled to begin production in 2025, the facility will produce batteries for hybrid electric vehicles and BEVs.
The announcement came two days after Honda Motor announced that it would build a battery plant in the United States with a South Korean partner, LG Energy Solution, and followed news that California authorities aim to ban the sale of new gasoline-powered vehicles in the state starting in 2035. The companies said the investment would total $4.4 billion.
General Motors has just started production at a battery plant in Ohio and has two others under construction. Ford Motor is building two battery plants in Kentucky and one in Tennessee, and Stellantis is locating one in Indiana.
The recently approved Inflation Reduction Act has increased the incentive for such plants by tying subsidies for EV purchases to the amount of a vehicle’s battery that is built in North America.
Last year, Toyota Motor Corporation announced a global investment of approximately $70 billion for electrification efforts. This recent announcement in future battery production increases the commitment to $5.6 billion, including the North Carolina investment.
“This marks another significant milestone for our company,” said Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America. “This plant will serve a central role in Toyota’s leadership toward a fully electrified future and will help us meet our goal of carbon neutrality in our vehicles and global operations by 2035.”
In 2021, Toyota, in partnership with Toyota Tsusho, announced the new Liberty location with an initial investment of $1.29 billion for battery production and the creation of 1,750 new jobs. With this recent announcement, TBMNC’s total investment is $3.8 billion.
“This is an exciting time for Toyota, the region, and the many North Carolinians we will soon employ,” said Sean Suggs, TBMNC president. “This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region.”