Toyota is set to spend billions to expand its EV production capacity in the US and Japan, which translates to hundreds of new jobs.
The world’s largest automaker announced plans to invest more than $5.3 billion into US and Japanese manufacturing to increase its EV production capacity, with up to $2.5 billion earmarked to expand Toyota‘s North Carolina plant and add up to 350 new jobs by 2025.
“This marks another significant milestone for our company,” explains senior VP, Unit Manufacturing and Engineering at Toyota Motor North America, Norm Bafunno. “(The North Carolina 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 announced the new Liberty production facility in 2021, with an initial investment of $1.29 billion earmarked for new battery production and the creation of 1,750 new jobs. Following today’s news of an additional $2.5 billion investment, Toyota’s total investment in North Carolina has grown to $3.8 billion.
“This is an exciting time for Toyota, the region and the many North Carolinians we will soon employ,” said Sean Suggs, TBMNC (Toyota Battery Manufacturing, North Carolina) president. “This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region.”
Toyota’s growing investment in its US manufacturing powers are believed to be motivated by the new US laws passed as part of the Inflation Reduction Act that offer manufacturers incentives to build batteries and battery packs in North America, which includes a consumer tax credit of up to $7,500, and a manufacturer tax credit of up to $35 per kWh of battery capacity produced.
No word yet on whether Toyota has plans to build a new, all-electric “bZ” model in the US or not, but it’s assumed that such an announcement is forthcoming.
2023 Toyota Crown HYBRID MAX at Electrify Expo, NY
SOURCE | IMAGES: TOYOTA.