Toyota’s fresh $8 billion investment in North Carolina aims to bolster its lithium-ion battery production.
In a significant move to accelerate its electric vehicle (EV) battery production, Toyota has announced a near $8 billion investment to expand its North Carolina battery plant. This bold step ramps up the site's critical role in the company's North American lithium-ion battery production strategy.
The Liberty, North Carolina facility, which originated from a partnership with Toyota Tsusho announced in 2021, initially received $1.29 billion. This latest infusion brings Toyota's total commitment to a staggering $13.9 billion. The plant's expansion to a 7 million-square-foot campus is poised to generate over 5,000 jobs.
This financial commitment will primarily support the creation of eight new battery lines for electric and plug-in hybrid vehicles, supplementing the two lines previously unveiled. Additionally, the plant will feature four lines dedicated to hybrid electric vehicle batteries. With these developments, by 2030, Toyota anticipates a surge in production capacity exceeding 30 gigawatt hours.
Toyota's expansion in North Carolina is part of a broader commitment to reducing emissions across its global operations. The automaker's ambition is to offer an electrified version of every Toyota and Lexus model by 2025.
Earlier in the year, Toyota revealed its plans to pioneer a new battery technology that promises rapid charging capabilities and impressive range. This innovation is a leap toward making EVs more accessible and appealing, with the first of these new batteries and vehicles expected to hit the market in 2026.
In line with increasing its EV lineup, Toyota has taken significant strides towards greening its manufacturing processes. The company's Alabama plant is set to benefit from a $49 million solar investment, projected to cut 22,000 metric tons of emissions annually. Moreover, Toyota is repurposing a former coal plant in Kentucky into a solar facility, set to begin operations by 2024.
With a vision for carbon-neutral operations by 2035 and complete carbon neutrality in vehicle life cycles by 2050, Toyota's latest investment underscores its commitment to a sustainable automotive future.
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