Japanese legacy automaker Toyota announced plans Wednesday to allocate another $2.1 billion investment in its new electric and hybrid battery production plant, which is now under development near Greensboro, North Carolina.
Toyota’s press release also disclosed that the plant would supply the necessary batteries to the company’s first US-produced three-row electric SUV in Georgetown, Kentucky.
Notably, the additional $2.1 billion brings the company’s total investment in the Randolph County plant to $5.9 billion. In essence, the new funding will aid Toyota in preparing the plant’s infrastructure for expansion, which will begin production in 2025.
“Toyota’s significant investment in our state, now nearly $6 billion, is terrific news and more evidence that North Carolina is a leader in the clean energy economy. Toyota believes in our world-class workforce to power its future success and I appreciate this enormous commitment here.”
North Carolina Governor Roy Cooper
According to the press release, the plant will have six battery manufacturing lines, including four for hybrid EVs and two for BEVs.
“We are committed to reducing carbon emissions as much as possible and as soon as possible. To achieve this goal, customers must have access to a portfolio of options that meet their needs now and in the future. It is exciting to see our largest US plant, Toyota Kentucky, and our newest plant, Toyota North Carolina, drive us into the future together with BEV and battery production for our expanding electrified lineup.”
Ted Ogawa, Toyota Motor North America’s president and CEO
Toyota to launch its first US-made EV
As mentioned, Toyota also announced plans to begin the production of its first US-built EV, which is a three-row electric SUV, in 2025.
“Toyota Kentucky set the standard for Toyota vehicle manufacturing in the US and now we’re leading the charge with BEVs. Our incredible team of Kentuckians is excited to take on this new challenge while delivering the same great quality and reliability that our customers expect.”
Susan Elkington, Toyota Motor Manufacturing, Kentucky President
Remarkably, this significant move proves Toyota’s confidence in EV technology and its dedication to developing, engineering and building EVs for the US market.
“This is incredible news that furthers Kentucky as the center of the electric vehicle sector. Toyota has long been a vital part of the automotive industry in the commonwealth, and now the company is positioned to help lead us into the future. I want to thank the company’s leaders for their commitment to our state’s incredible workforce, and I can’t wait to see what’s next for Toyota and Kentucky.”
Kentucky Governor Andy Beshear
See Also:
- Toyota hydrogen fuel cell electric powertrain secures CARB approval
- Toyota announces plan to produce PHEVs with an electric range of over 124 miles
- Toyota plans to start US electric vehicle production by 2025, as per a report
- Toyota’s new CEO promises to accelerate the company’s EV strategy shift
- Toyota’s looking beyond hybrid vehicle, facing challenges in BEV adoption
It is worth noting that Toyota has already invested over $8 billion in its US production operations in the past two years, mainly for its electrification efforts.
Indeed, this expansion initiative will aid Toyota in achieving its 2030 sales target of 1.8 million electric or hybrid vehicles in the US.
