Toyota shows signs of coming around announcing additional $2.5 billion investment into EV battery factory

Less than one week after an executive Toyota North America said there was not enough demand for electric vehicles (EVs) for the U.S. to meet its goal of having 50% EV sales by 2030, the Japanese automaker announced today an additional $2.5 billion investment into its EV battery factory planned for North Carolina.

Last December Toyota unveiled plans for the factory, initially setting aside $1.29 billion for the project. The plant is expected to open in 2025 and be able to produce enough batteries for 200,000 EVs per year.

Today Toyota upped their investment to nearly $4 billion, committing another $2.5 billion towards the project. The automaker says that with the extra cash infusion an additional 350 jobs will be created, bringing the total number of jobs created by the facility to 2,100.

“This is an exciting time for Toyota, the region and the many North Carolinians we will soon employ. This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region,” said Sean Suggs, Toyota Battery Manufacturing, North Carolina (TBMNC) president.

However, the press release is scant on details on what the extra money will go towards, except to say it will create additional jobs and “adds capacity to support battery electric vehicle (BEV) battery production.”

They also reiterated the facility will produce batteries for both hybrid and fully electric vehicles, indicating they are still clinging on to their internal combustion engine (ICE) roots.

Toyota also shared a photo showing early construction progress at the site.

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