Toyota to build $1.29 billion EV battery plant in North Carolina, create 1,750 jobs

- Advertisement -


  • Toyota will build a new $1.29 billion battery plant for electrified vehicles in North Carolina, public officials and the company are expected to announce Monday afternoon.
  • Toyota said the plant in central North Carolina is expected to create 1,750 jobs in the state.

- Advertisement -

Toyota Motor will build a new $1.29 billion battery plant for electrified vehicles in North Carolina, public officials and the company are set to announce Monday afternoon.

- Advertisement -

Toyota said the plant in central North Carolina is expected to create 1,750 jobs in the state. Investment in the facility is scheduled through 2031.

Toyota was identified during a morning meeting of the State Economic Investment Committee, which voted to award at least $79 million to the company as incentives upon completion of the project, The Associated Press reported on Monday. Officials are set to confirm the news early Monday afternoon.

- Advertisement -

Toyota and other automakers that have been slow to invest in all-electric vehicles are scrambling to move production of EV battery components closer to home to reduce costs and reduce the risk of supply chain disruptions .

The Biden administration has urged companies to bring more jobs to the US after an ongoing global shortage of semiconductor chips – mainly supplied from Asia – led to massive factory closures.

The Toyota plant is being partially funded by a previously announced investment of about $3.4 billion in electrified vehicles that Toyota made in October. But the company did not disclose a location for the facility.

Toyota has committed to reaching carbon neutrality for its vehicles and operations by 2050.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox