Toyota picks North Carolina for $1.3 billion battery plant

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Toyota North America said Monday that it selected the Greensboro area of ​​North Carolina as the site for its $1.29 billion battery plant, which is expected to line up by 2025 and eventually produce batteries for more than 1 million vehicles. Is.

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Toyota said the plant, named Toyota Battery Manufacturing, North Carolina, or TBMNC, will have four production lines, each capable of producing enough lithium-ion batteries for 200,000 vehicles.

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The goal is to eventually expand the plant to at least six production lines for a total of 1.2 million vehicles a year, the company said.

The $1.29 billion investment is part of Toyota’s total investment of $3.4 billion announced in October and is expected to create 1,750 jobs, the company said.

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“The future of mobility is electrification,” Toyota Motor North America chief executive Ted Ogawa said in a statement.

North Carolina offers the “right” conditions for investment, including infrastructure, a high-quality education system, access to a diverse and skilled workforce, “and a welcoming environment to do business.”

US-listed shares of Toyota TM,
+1.21%
That’s an increase of 29% this year, compared to an advance of about 22% for the S&P 500 index. spx,
+1.32%

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