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Toyota's Additional $8 Billion For North Carolina Plant Supports EV, Hybrid, PHEV Batteries

It is Toyota’s single largest investment in the US, and will create 3,000 new jobs.

Toyota North Carolina Battery Plant Construction

Suvrat Kothari Suvrat Kothari

By: Suvrat Kothari

Oct 31, 2023 at 2:40pm ET

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Toyota is strengthening its electric vehicle expansion plans in the US by pledging an additional $8 billion for its under-construction battery plant in North Carolina, bringing the total investments at the site to a whopping $13.9B, the brand said in a press release.

The additional investment would result in a five-fold increase in the number of battery production lines dedicated to electric vehicles (BEVs) and plug-in hybrids (PHEVs), increasing from two to 10. Four additional battery production lines will feed hybrids (HEVs). The 14 lines would bring Toyota's annual battery production capacity to an estimated 30 gigawatt-hours by 2030.

If things go as planned, this would be Toyota’s largest investment in a single project in North America, a spokesperson confirmed to Automotive News. In Toyota's words, it would be the "epicenter of lithium-ion battery production in North America." The Japanese automaker’s total investment at the Randolph County site will also add 3,000 additional jobs, taking the total job count at the location to over 5,000, the North Carolina Department of Commerce said.

This is Toyota’s third investment expansion announcement at the North Carolina site, following a total of $3.8B that the brand announced on two previous occasions.

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“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,” he added.

The Aichi-based brand plans to launch 10 new BEVs by 2026, one of which would be a three-row electric SUV that it plans to manufacture here in the US at its Georgetown, Kentucky plant, and it’s tentatively named the bZ5X. A Subaru equivalent is also said to be in the pipeline, and it will be manufactured at the same site.

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Toyota made a big splash at the recently concluded Japan Mobility Show, giving us a peak into its swanky concepts and future offerings, including the Ford Maverick-sized EPU Electric Pickup Concept, a GR-branded electric sportscar concept named the FT-Se, and several Lexus concepts including the LF-ZC electric sedan which has actually been confirmed for production.

Learn about all the cool electric cars from the Japan Mobility Show by tuning into our podcast below.

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