Toyota announces $8B expansion of its North Carolina-based EV battery plant

Toyota says it’s investing an additional $8 billion in its first North American electric vehicle (EV) battery manufacturing facility, announced the Economic Development Partnership of North Carolina — adding another 3,000 jobs.

The project, dubbed “Toyota Battery Manufacturing North Carolina” (TBMNC) was first announced as a $1.29 billion investment in 2021, with expansions in 2022 and 2023. Now valued at $13.9 billion, the project will create more than 5,000 jobs and is expected to be completed in 2025.

Located on a 1,825-acre mega-site in Liberty, North Carolina, Toyota will manufacture batteries for hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) using 100% renewable energy. This facility is critical in the expansion of Toyota’s global electrification efforts as the company plans to roll out 30 BEV models globally by 2030.

“Through the last few years of building relationships, including my most recent trip to Tokyo and meeting with president Sato, our partnership with Toyota has become stronger than ever, culminating in this historic announcement,” said North Carolina Governor Roy Cooper. “North Carolina’s transition to a clean energy economy is bringing better paying jobs that will support our families and communities for decades to come.”

Policies like the Inflation Reduction Act have helped propel North Carolina to be one of the top four states in electric vehicle investment over the past year, bringing in more than $10 billion.

In the last three years, the state has seen more than $11 billion invested in the electric vehicle industry, including a $2 billion investment from VinFast, a Vietnamese auto manufacturer that selected Chatham County in 2022 for the company’s first North American automotive assembly and battery manufacturing plant.