Toyota has just announced plans to invest an additional $8 billion in its first electric battery manufacturing facility, which will be built right here in North Carolina. The announcement also adds 3,000 more employees to the expected workforce of the plant.
This decision follows a recent meeting between Governor Cooper and Toyota President Koji Sato at the SEUS/Japan Conference in Tokyo. With this new investment, Toyota’s cumulative contribution to the Randolph County facility will reach $13.9 billion, creating over 5,000 jobs in total.
🚨🚨 Toyota will invest an additional $8B in its electric battery manufacturing site in Randolph Co., including hiring another 3,000 employees. This historic announcement comes on the heels of Gov. Cooper’s meeting with Toyota President Koji Sato in Tokyo earlier this month.
— Governor Roy Cooper (@NC_Governor) October 31, 2023
“Toyota’s continued investment in North Carolina is a testament to the state’s leadership as an electric vehicle hub – and why we’re the top state for business,” NC Commerce Secretary Machelle Baker Sanders said in a press release. “This expansion validates my commitment to aligning economic development with workforce development, ensuring we can provide a highly skilled workforce that meets the needs of Toyota and the state’s fast-growing clean energy industry, today and well into the future.”
Originally, in 2021, Toyota had announced the Liberty, NC project with an investment of $1.29 billion intended for electric vehicle battery production, aiming to create 1,750 jobs. However, with the growing demand for electric vehicles, Toyota has amplified its investment in North Carolina. This additional funding will enhance the production capacity for electric vehicle batteries and introduce the manufacturing of batteries for plug-in hybrid vehicles. Consequently, the facility will expand from the initially planned two production lines to a total of ten.
Furthermore, in October, Governor Cooper represented North Carolina at the Southeast US/Japan (SEUS/Japan) economic development conference in Tokyo. The objective was to strengthen ties with Japanese business magnates, including Toyota’s top executives. During this visit, Governor Cooper engaged with Toyota’s Chairman Akio Toyoda, President Sato, and Executive Vice President Chris Reynolds to discuss the progress and plans of the Toyota battery project, reinforcing the bond between North Carolina and Toyota.
What do you think about the new plant?
