Toyota Motor TM recently announced its decision to build the first battery factory in the United States in North Carolina to bring its electric vehicle (EV) supply chain to the country.
Toyota plans to invest $1.29 billion in the battery plant, to be named Toyota Battery Manufacturing, North Carolina (TBMNC).
The facility is expected to create 1,750 new jobs and use 100% renewable energy to make the batteries. The production is anticipated to commence in 2025.
TBMNC will initially have four production lines, each capable of manufacturing battery packs for around 200,000 cars annually. Toyota eventually aims to add two more lines, with the goal to rev up the total production capacity to battery packs sufficient for 1.2 million vehicles per year.
Toyota chose North Carolina for the plant location. It offers the appropriate conditions for this investment, including a developed infrastructure, a high-quality education system, and access to a skilled workforce.
Further, North Carolina’s Economic Investment Committee has approved a $438.7-million tax incentive package to encourage Toyota to build a factory in the state.