Toyota will build a $1.29 billion battery factory in North Carolina in an effort to bring some of its electric vehicle supply chain to the US. The news comes on the heels of Toyota’s announcement that it will invest around $13.6 billion in battery tech over the next decade, including a $9 billion investment in production, as it attempts to electrify its vehicle lineup.
Toyota plans on spreading the $1.29 billion for the new factory over the next decade, but production at the facility is scheduled to begin in 2025, said Chris Reynolds, chief administrative officer for Toyota Motor North America. In the first year, Toyota plans on producing 1.2 million battery packs for its upcoming lineup of electric vehicles, Reynolds said.
“This investment, which I believe is so far the largest private capital investment in North Carolina history… will create at least 1,750 new jobs and help us develop and localize automotive battery production,” Reynolds said during a press conference, “which will pave the way for battery electric vehicles built here in the United States of America.”