Japanese legacy automaker Toyota has just raised its investment in the li-ion battery factory in North Carolina with the addition of almost $8 billion.
According to the press release, it boosted Toyota’s total investment in the Toyota Battery Manufacturing North Carolina (TBMNC) to about $13.9 billion.
“Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region. We are excited to see the continued energy and support of this innovative manufacturing facility.”
Sean Suggs, Toyota North Carolina President
Investment details
Apart from generating another 3,000 job opportunities to a total of over 5,000 in the area, Toyota’s new investment will expand its production capacity for all-electric (BEV) and plug-in hybrid vehicle (PHEV) models in North America.
Toyota indicated the addition of eight BEV and PHEV battery production lines to the initial plan of just two. Moreover, it will also feature four hybrid electric vehicle (HEV) battery production lines.
Therefore, the TBMNC will have a total of 14 production lines for electric vehicle batteries. In addition, its annual production capacity will increase to over 30GWh through 2030 under a multi-phase production strategy.
In total, the li-ion battery production site will cover 7 million sq. ft., which is as large as “121 football fields.” That said, Toyota will undoubtedly further boost North Carolina’s economy.
“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. 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.”
North Carolina Governor Roy Cooper
Toyota’s EV progress
Toyota claims to have already sold over 24.6 million electric vehicles, including HEVs, PHEVs, FCEVs, and BEVs worldwide so far.
It further aims to expand its EV lineup by launching an EV counterpart for each Toyota and Lexus vehicle in the global market by 2025.
Toyota also boasts a battery breakthrough that can apparently enable a driving range of 745 miles and a 10-minute charging time. This solid-state battery is expected to undergo mass production by 2027-2028.
“Toyota’s success is a prime example of how a balanced budget, a strong workforce, and a AAA credit rating pave the way for business growth. Toyota’s additional investment in North Carolina is a sign that we are on the right track.”
House Speaker Tim Moore
Toyota’s intensified efforts in expanding its li-ion battery production plant in North Carolina will significantly aid its EV production ramp-up amid the widespread adoption of sustainable mobility. It will also enable the Japanese automaker to access the US federal tax credits of up to $7,500 under the Inflation Reduction Act.
According to Investing.com, TBMNC will commence operations in 2025. It will signify the automaker’s first-ever global EV battery production project.
