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Toyota Commits $2.5B to Expand US EV Battery Plant

Image courtesy of Toyota TBMNC_001.jpg
The automaker is adding capacity to its Toyota Battery Manufacturing, North Carolina facility to support the growth of the EV market.

Automaker Toyota Motor North America announced plans Wednesday to invest $2.5 billion to expand its Toyota Battery Manufacturing, North Carolina (TBMNC) facility in Liberty, NC to increase capacity for batteries used in battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs).

“This marks another significant milestone for our company,” Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America, said in a release. “This plant will serve a central role in Toyota’s leadership toward a fully electrified future and will help us meet our goal of carbon neutrality in our vehicles and global operations by 2035.”

Toyota and its partner Toyota Tsusho initially invested $1.29 billion in the Liberty battery production site. The project will result in the creation of 350 new jobs, increasing the location’s headcount to 2,100 workers.

“This is an exciting time for Toyota, the region, and the many North Carolinians we will soon employ,” said TBMNC president Sean Suggs in a statement. “This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region.”

The project is slated to reach completion in 2025.

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