Toyota has announced an additional investment in the Toyota battery plant at the Greensboro-Randolph Megasite of $2.5 billion.
In December 2021, Toyota announced it would be building its first vehicle battery plant in the US at the Greensboro-Randolph Megasite with a projected investment of $1.29 million.
This week’s announcement is that Toyota plans to invest an additional $2.5 billion in Toyota Battery Manufacturing, North Carolina, bringing the total investment to $3.8 billion. The additional investment will add 350 jobs to the initial 1,750 jobs that was announced in 2021.
With this latest announcement Toyota will invest $3.8 billion in the vehicle battery plant at the megasite and create an estimated 2,100 jobs.
The Toyota battery plant is scheduled to begin production in 2025 and will produce batteries for both battery electric vehicles and hybrid electric vehicles.
Mayor Nancy Vaughan recently said that each new job at the Toyota battery plant is projected to create five new jobs in supply chain companies, which will be located within an hour of the battery plant.
In the press release, Senior Vice President, Unit Manufacturing and Engineering at Toyota North America Norm Bafunno said, “This marks another significant milestone for our company. This plant will serve a central role in Toyota’s leadership toward a fully electrified future and will help us meet our goal of carbon neutrality in our vehicles and global operations by 2035.”
Toyota Battery Manufacturing, North Carolina President Sean Suggs said, “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.”