Toyota Will Build a $1.29B EV Battery Plant in This State

In a move that will create 1,750 jobs, car manufacturer Toyota has announced this week that it will be building a $1.29 billion EV battery plant in the state of North Carolina.

The automaker said on Monday that it expects the facility to be capable of producing enough lithium-ion batteries for 200,000 vehicles when production begins in 2025.

The company, which has committed to reaching carbon neutrality for its vehicles and operations by 2050, expects the facility to be capable of producing enough lithium-ion batteries for 200,000 all-electric and plug-in hybrid electric vehicles when production is scheduled to begin that year.

Toyota also said it plans to eventually expand battery production to up to 1.2 million vehicles per year.

The plant is located near Greensboro in central North Carolina and is expected to create 1,750 jobs in the state, Toyota has said. The investment in the facility is scheduled all the way through 2031.

The plant is being partially funded from a previously announced investment of approximately $3.4 billion into electrified vehicles that Toyota made in October. The company did not disclose a
location for the facility.

Toyota said it selected North Carolina due to “renewable energy availability as well as support from local stakeholders, including governments, utilities, partners, and others.”

“Today marks the beginning of a mutually beneficial partnership with the Tar Heel state as we embark on our journey to achieve carbon neutrality and provide mobility for all,” Ted Ogawa, CEO of Toyota Motor North America, said in a release.

The company expects the new plant to be powered completely by renewable energy to produce the batteries.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.