Toyota has selected the Greensboro-Randolph mega-site, North Carolina, to host a new $ 1.29 billion automotive battery manufacturing facility.
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The plant, which is scheduled to go online in 2025, will have four production lines, each capable of supplying enough lithium-ion batteries for 200,000 hybrid and electric vehicles. Toyota plans to expand the plant to at least six production lines to produce enough battery packs for up to 1.2 million vehicles per year.
Toyota selected the Greensboro-Randolph mega-location because of the availability of renewable energies, the extensive and well-maintained highway system for land logistics, four international airports and two seaports, the local railroad, the diverse workforce, the world-renowned education system and the strong government partnership on national and local level.
“The future of mobility lies in electrification and the Greensboro-Randolph Megasite is the ideal location to make that future a reality,” said Ted Ogawa, CEO of Toyota North America, in a statement.
“North Carolina offers the right conditions for this investment, including infrastructure, a quality education system, access to a diverse and skilled workforce, and a welcoming environment to do business. Today marks the beginning of a mutually beneficial partnership with the state of Tar Heel as we set out to achieve carbon neutrality and provide mobility for all. ”
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Toyota Battery Manufacturing North America is expected to create 1,750 new jobs in the United States. The automaker emphasized that it has committed to using 100% renewable energy in the new facility to manufacture the batteries in order to achieve CO2 neutrality for its vehicles and operations by 2050.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 180.03 | -2.44 | -1.34% |
Toyota and Toyota Tsusho’s $ 1.29 billion investment will be funded in part by a $ 3.4 billion commitment to invest in U.S. automotive batteries by 2030. Toyota will hold 90% of the project, while Toyota Tsusho, a subsidiary that now makes a range of parts for the automaker, will have a 10% stake.
