After a week of announcements from automakers delaying EV-related investments, Toyota is doing the opposite, announcing an additional $8 billion investment in its hybrid and electric vehicle (EV) battery factory under construction in North Carolina.
This latest investment in North Carolina brings Toyota’s total investment in the plant to $13.9 billion. According to Toyota, the new funding is expected to create around 3,000 additional jobs, bringing the total workforce to more than 5,000 employees when the plant starts operations near Greensboro in 2025. (via Financial Times)
Toyota’s North Carolina facility will serve as a key supplier for the Japanese automaker’s first US-made EVs, and is expected to play a key role in the company reaching its goal of selling 1.5 million to 1.8 million electric or hybrid vehicles in the U.S. by 2030.
Toyota has faced criticism for its slower pace in EV production, but the company is now pushing forward. Toyota plans to offer 15 battery electric vehicles for sale worldwide by 2025, and have electrified options available for every Toyota and Lexus model globally by the same year.
