Toyota to Build $1.3B EV Battery Plant in North Carolina

Toyota announced on Monday that it will build a new $1.29 billion battery factory for electric vehicles in North Carolina.

Toyota said in a statement that the new plant will be able to produce enough lithium-ion batteries for 200,000 vehicles once it goes online in 2025. The automobile giant said that it will eventually expand battery production for up to 1.2 million vehicles per year.

The plant near Greensboro, North Carolina is expected to create 1,750 jobs in the area, Toyota said.

“This investment, which I believe is so far the largest private capital investment in North Carolina history… [will] help us develop and localize automotive battery production,” said Chris Reynolds, chief administrative officer for Toyota Motor North America.

Toyota had announced in September that it aims to invest $13.6 billion in EV battery technology, with plans to spend $9 billion in production, over the next decade.

In the statement, the company committed to reaching carbon neutrality for its vehicles by 2050 by electrifying its vehicle products and having its facilities completely powered by renewable energy.

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