Toyota Adds 8 Billion US Dollars Investment For EV Battery Factory In North Carolina

Toyota bZ4x. (Doc. Global Toyota)

Toyota recently announced plans to increase investments of USD 8 billion in the construction of an electric vehicle battery factory (EV) in North Carolina, United States. This step was taken to accelerate the production of electrified vehicles.

With this plan, Toyota hopes to launch their efforts to provide electric vehicle options, both hybrid and EV, by 2025. According to a Reuters report, Tuesday, October 31, this additional investment brings Toyota's total investment in the plant to 13.9 billion US dollars and creates more than 5,000 jobs.

This investment is part of a multi-path strategy adopted by a Japanese manufacturer known for the production of hybrid vehicles (HEVs) and hydrogen fuel cells (FCVs). Recently, Toyota began commercializing their advanced battery technology that will be used in future vehicles.

The Toyota plant in North Carolina is scheduled to start operating in 2025 and will be the company's first automotive battery factory globally. The plant will have six battery production lines, four lanes for HEV vehicles such as the Prius, and two additional lines to support battery electric vehicles (BEVs).

Toyota joins the competition to increase production capacity of electric vehicles, following in the footsteps of Ford and General Motors (GM) who have made massive investments to catch up with market leaders, Tesla.

North Carolina is currently a leading manufacturing hub for electric and battery vehicles, with various new investments planned by several well-known companies, including Redwood Materials and Vinfast from Vietnam.

"Transition towards an environmentally friendly energy-based economy in North Carolina will create jobs with better wages, which will support our families and communities in the coming decades," said North Carolina Governor Roy Cooper.