Toyota is strengthening its electric vehicle expansion plans in the US by pledging an additional $8 billion for its under-construction battery plant in North Carolina, bringing the total investments at the site to a whopping $13.9B, the brand said in a press release.
The additional investment would result in a five-fold increase in the number of battery production lines dedicated to electric vehicles (BEVs) and plug-in hybrids (PHEVs), increasing from two to 10. Four additional battery production lines will feed hybrids (HEVs). The 14 lines would bring Toyota's annual battery production capacity to an estimated 30 gigawatt-hours by 2030.
If things go as planned, this would be Toyota’s largest investment in a single project in North America, a spokesperson confirmed to Automotive News. In Toyota's words, it would be the "epicenter of lithium-ion battery production in North America." The Japanese automaker’s total investment at the Randolph County site will also add 3,000 additional jobs, taking the total job count at the location to over 5,000, the North Carolina Department of Commerce said.
This is Toyota’s third investment expansion announcement at the North Carolina site, following a total of $3.8B that the brand announced on two previous occasions.
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