‘Toyota Battery Manufacturing North Carolina’ – now valued at $13.9B – is the cornerstone of the state’s electric vehicle manufacturing cluster, says the Economic Development Partnership of North Carolina

LIBERTY, N.C. - October 31, 2023 - Toyota will invest an additional $8 billion in its first North American electric vehicle battery manufacturing facility, announced the Economic Development Partnership of North Carolina, adding another 3,000 jobs. The project, dubbed "Toyota Battery Manufacturing North Carolina" (TBMNC) was first announced as a $1.29 billion investment in 2021, with expansions in 2022 and 2023. Now valued at $13.9 billion, the project will create more than 5,000 jobs and is expected to be completed in 2025.

"Through the last few years of building relationships, including my most recent trip to Tokyo and meeting with President Sato, our partnership with Toyota has become stronger than ever, culminating in this historic announcement," said North Carolina Governor Roy Cooper. "North Carolina's transition to a clean energy economy is bringing better paying jobs that will support our families and communities for decades to come."

Located on a 1,825-acre megasite in Liberty, North Carolina, Toyota will manufacture batteries for hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) using 100% renewable energy. This facility is critical in the expansion of Toyota's global electrification efforts as the company plans to roll out 30 BEV models globally by 2030.

"Today's announcement is yet another validation of North Carolina's national recognition as a hub for innovation and a top location for electric vehicle manufacturers and suppliers," said Christopher Chung, CEO of the Economic Development Partnership of North Carolina. "Japanese investment has a significant impact in our state, with more than 28,000 North Carolinians going to work for Japanese companies every day. We value and appreciate the ongoing partnership our state has with Japan and the economic impact this partnership will continue to have."

Policies like the Inflation Reduction Act have helped propel North Carolina to be one of the top four states in electric vehicle investment over the past year, bringing in more than $10 billion. In the last three years, the state has seen more than $11 billion invested in the electric vehicle industry, including a $2 billion investment from VinFast, a Vietnamese auto manufacturer that selected Chatham County in 2022 for the company's first North American automotive assembly and battery manufacturing plant.

Aside from car companies, the state has also become a hub for electric vehicle component manufacturing, with investments totaling $760 million from Eplison Advanced Materials, Deere & Company and Kresiel Electric GMBH, and Kempower, Inc. announced in the last eight months. In 2022, Wolfspeed, one of the world's largest producers of silicon carbide wafers used in electric vehicles to increase battery range, announced a $5 billion investment in its newest semiconductor manufacturing plant.

CNBC named North Carolina its Top State for Business in 2022 and 2023. Last year, North Carolina saw a record-breaking $19.3 billion invested in the state and nearly 29,000 new jobs announced, including 10,275 from 30 foreign direct investment projects worth a combined $5.21 billion.

For more information, visit https://edpnc.com/.

About Toyota
Toyota (NYSE:TM) has been a part of the cultural fabric in the U.S. for more than 65 years and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our nearly 1,500 dealerships.

Toyota directly employs more than 39,000 people in the U.S. who have contributed to the design, engineering, and assembly of more than 33 million cars and trucks at our nine manufacturing plants. By 2025, Toyota's 10th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles. With more electrified vehicles on the road than any other automaker, Toyota currently offers 22 electrified options.

To help inspire the next generation for a career in STEM-based fields, including mobility, Toyota launched its virtual education hub at www.TourToyota.com with an immersive experience and the chance to virtually visit many of our U.S. manufacturing facilities. The hub also includes a series of free STEM-based lessons and curriculum through Toyota USA Foundation partners, virtual field trips and more. For more information about Toyota, visit www.ToyotaNewsroom.com.

About the Economic Development Partnership of North Carolina
The Economic Development Partnership of North Carolina (EDPNC) is a private nonprofit corporation that serves as North Carolina's statewide economic development organization. Governed by an 18-member board of business and industry leaders from across the state, the EDPNC focuses on business and job recruitment, existing industry support, international trade, tourism and film marketing. The EDPNC, which operates under contract with the North Carolina Department of Commerce, works closely with public- and private-sector partners at the state, regional and local levels. For more information, visit edpnc.com.