According to news on November 1, Toyota Motor announced on Tuesday that it will increase its investment by US$8 billion and create about 3,000 new jobs in its electric vehicle battery manufacturing plant in North Carolina, USA, to accelerate the electrification of its products.
Toyota plans to offer electrification options for all of its models by 2025. The capital increase will bring Toyota’s total investment in the plant to approximately $13.9 billion, creating more than 5,000 jobs.
Traditional automakers such as Ford and General Motors have been ramping up production of electric vehicles to close the gap with market leader Tesla. But the two Detroit-based companies have scaled back their investment plans after reaching expensive new contract agreements with the United Auto Workers (UAW) union.
Toyota did not disclose specific investment details and further comment from the company was not immediately available.
Unlike other global automakers, Toyota has earlier focused on hybrid and hydrogen fuel cell models rather than pure electric vehicles. However, Toyota, the world’s largest automaker by sales, announced a shift in strategy this year, planning to commercialize advanced battery technology and adopt die-casting technology pioneered by Tesla.
Other companies including Samsung SDI, Panasonic and Chrysler owner Stellantis NV also plan to set up bases in the United States to build their own battery factories.
Toyota’s North Carolina plant is expected to begin operations in 2025 and will be Toyota’s first automotive battery plant in the world.
The factory will have six battery production lines, four of which will be used to support hybrid models such as the Prius, and the other two will be used to support pure electric vehicles.
North Carolina is becoming a major hub for electric vehicle and battery manufacturing, with several companies including Redwood Materials and Vietnam’s Vinfast planning new investments there.
Following news of Toyota’s increased investment, North Carolina Governor Roy Cooper said on Tuesday: “North Carolina’s transition to a clean energy economy will create higher-paying jobs that will be available for decades to come.” Years of supporting our families and communities.”
India’s Epsilon Advanced Materials announced last week that it plans to invest $650 million in a battery factory in North Carolina. The plant is scheduled to start production in 2026 and could eventually supply batteries for up to 1.1 million electric vehicles for the U.S. market.
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