The scope of Toyota’s under-construction battery plant in Randolph County is growing.
Driving the news: The Japanese automaker said this week it will put another $2.1 billion toward expanding its future facility in Liberty, located south of Greensboro and about an hour and 15 minutes west of Raleigh.
- The batteries made in North Carolina will be used in its new large, electric SUV.
Why it matters: The new investment brings Toyota’s commitment to the site to nearly $6 billion, making it one of the largest economic development projects in North Carolina history. The battery plant could employ up to 2,100 people.
- The state has so far awarded the company more than $400 million in incentives if the company meets hiring and investment goals by 2029.
- An additional $225 million in incentives is available if Toyota boosts its hiring plans to 4,500 employees.
Zoom out: The battery production “arms race” is on in the U.S., as auto manufacturers are rising to meet demand as quickly as possible with a billion-dollar rapid buildout of manufacturing facilities across the country.
- Toyota’s N.C. plant would build lithium-ion batteries for its hybrid and electric vehicles.
- Not too far away in Chatham County, another car maker, VinFast, is planning a production facility, though its timelines have been delayed.