Loading ...Toyota Supercharges North Carolina Battery Plant with New $8 Billion Investment
LIBERTY, N.C. (Oct. 31, 2023) – Toyota today announced a new investment of nearly $8 billion that will add approximately 3,000 jobs at Toyota Battery Manufacturing North Carolina (TBMNC). This brings total investment to approximately $13.9 billion and job creation to more than 5,000 – further supporting Toyota’s multi-pathway approach to global vehicle electrification.
This investment adds capacity to support battery electric vehicles (BEV’s) and plug-in hybrid electric vehicles (PHEV’s). An additional eight BEV/PHEV battery production lines will be added to the two previously announced, for a total of ten BEV/PHEV battery lines. In addition, as originally announced, the plant will also have four battery lines for Hybrid Electric Vehicles (HEVs). Production will be increased in a phased approach, with line launches planned through 2030 to reach a total production of more than 30GWh annually.
Thought Toyota was smarter than that.
Ford just killed $12 billion investment in EVs after losing their shirts and their stock collapsing
Well, I’m thinking that most of the batteries to be produced at this plant will end up going into their hybrid and plug-in hybrid vehicles.
On the other hand, Toyota has been know to invest heavily in technology and then back out later on (example – hydrogen fuel cell powered vehicles).
Also, if the U.S. economy goes down hard in 2024, Toyota might decide to scale back on plans to expand this NC battery plant.