Toyota announced on Wednesday, May 31 that it would be investing an additional $2.1 billion in the Toyota North Carolina battery plant at the Greensboro Randolph Megasite.
That will bring the total investment in Toyota North Carolina to $5.9 billion.
The additional $2.1 billion is to support a new battery electric SUV that will be produced at Toyota Kentucky beginning in 2025. The Toyota North Carolina battery plant is also scheduled to begin production in 2025.
Ted Ogawa, president and CEO of Toyota Motor North America, said in the press release, “We are committed to reducing carbon emissions as much as possible and as soon as possible. To achieve this goal, customers must have access to a portfolio of options that meet their needs now and in the future. It is exciting to see our largest U.S. plant, Toyota Kentucky, and our newest plant, Toyota North Carolina, drive us into the future together with BEV and battery production for our expanding electrified lineup.”
Gov. Roy Cooper said, “Toyota’s significant investment in our state, now nearly $6 billion, is terrific news and more evidence that North Carolina is a leader in the clean energy economy.”
President Pro Tem of the state Senate Sen. Phil Berger (R-Rockingham) said, “Toyota’s continued to commitment in North Carolina confirms our status as a manufacturing powerhouse. This expansion further cements our thriving partnership and it wouldn’t be possible without the reforms the General Assembly implemented to transform North Carolina into a jobs-friendly state.”
Toyota’s initial announcement in December 2021 was that it would invest $1.3 billion to build a battery plant at the Greensboro Randolph Megasite but indicated that there would be announcements of more investment in the future. In August 2022, Toyota announced it would be investing an additional $2.5 billion at the site raising the total to $3.8 billion and with this latest announcement of an additional $2.1 billion the total now stands at $5.9 billion.
Greensboro is providing water and sewer to the Toyota battery plant and recently announced that it had completed the waterline to the site two months ahead of schedule.