FILE – The Toyota logo is shown on a dealership in Manchester, N.H., in this Thursday, Aug. 15, 2019, file photo. Toyota will invest an additional $8 billion in the hybrid and electric vehicle battery factory it’s constructing in central North Carolina, more than doubling its prior investments and expected number of new jobs, the company announced Tuesday, Oct. 31, 2023.
Toyota’s fourth and largest investment in the North Carolina facility brings its total investment to about $13.9 billion to help meet its goal of selling 1.5 million to 1.8 million electric or hybrid vehicles in the U.S. by 2030. It will also add eight new production lines for electric and plug-in hybrid batteries.
Sean Suggs, president of Toyota North Carolina, said the announcement “reinforces Toyota’s commitment to electrification and carbon reduction,” while fulfilling its promise to bring economic growth to North Carolina. Toyota has committed to using 100% renewable energy to produce batteries at the North Carolina plant, which has been under construction since 2021. headtopics.com
Automotive manufacturers have been racing to meet the rising demand for electric vehicles in the U.S., which is responsible for only about 8% of the world’s battery production capacity, according to the U.S. Department of Energy.
Some state governments have made investments of their own, hoping to attract major manufacturers to the area. Toyota could receive hundreds of million in cash incentives, tax breaks and infrastructure upgrades from the state of North Carolina and local governments for fulfilling its job creation and investment goals, according to state officials and documents. headtopics.com