Toyota to build $1.29 billion EV battery plant in North Carolina, create 1,750 jobs

Environment

Yichuan Cao | NurPhoto | Getty Images

Toyota Motor will build a new $1.29 billion battery plant for electrified vehicles in North Carolina, public officials and the company are set to announce Monday afternoon.

The plant in central North Carolina is expected to create 1,750 jobs in the state, Toyota has said. The investment in the facility is scheduled through 2031.

Toyota was identified during a morning meeting of the state Economic Investment Committee, which voted to award at least $79 million in incentives to the company if the project is completed, the Associated Press reported Monday. Officials are set to confirm the news early Monday afternoon.

Toyota and other automakers that have been slow to invest in all-electric vehicles are scrambling to move production of EV battery components closer to home to reduce costs and lower risks of supply chain disruptions.

The Biden administration also has urged companies to bring more jobs to the U.S. following an ongoing global shortage of semiconductor chips – mainly supplied from Asia – causing massive shutdowns of factories.  

The Toyota plant is being partially funded from a previously announced investment of approximately $3.4 billion into electrified vehicles that Toyota made in October. But the company did not disclose a location for the facility.

Toyota has committed to reaching carbon neutrality for its vehicles and operations by 2050.