Distributed Energy Resources, Industrial - September 2, 2022
Toyota Invests in North Carolina EV Plant
Toyota announced an additional investment of $2.5 billion in its newest North American facility, Toyota Battery Manufacturing North Carolina (TBMNC).
This investment adds capacity to support battery electric vehicle (BEV) battery production and is scheduled to begin production in 2025. The facility will produce batteries for hybrid electric vehicles (HEV) and BEVs.
Last year Toyota Motor Corporation announced a global investment of approximately $70 billion for electrification efforts. TMC announced a future battery production commitment of up to $5.6 billion, which includes the new North Carolina investment.
“This marks another significant milestone for our company,” said Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America in a statement. “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.”
In 2021, Toyota, in partnership with Toyota Tsusho, announced the new Liberty location with an initial investment of $1.29 billion for battery production. With today’s announcement, TBMNC’s total investment is $3.8 billion.