Toyota Motor (NYSE:TM) said Tuesday it will be investing another nearly $8 billion in its Liberty, North Carolina battery manufacturing plant, bringing its total investment in the project to $13.9 billion as it doubles down on its electrification push in the United States.
The Japanese carmaker said the investment will up its capacity to support battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
An extra eight BEV/PHEV battery production lines will be added to the two previously announced, bringing the total to 10.
With the additional investment, the project is expected to create more than 5,000 jobs and, once production has been increased in a phased approach, will increase the facility’s capacity to 30 GWh per year by 2030.
“Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region,” Toyota North Carolina president Sean Suggs said in a statement.
“We are excited to see the continued energy and support of this innovative manufacturing facility.”
North Carolina Governor Roy Cooper welcomed the “historic announcement.”
“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,” Governor Cooper said.
Toyota’s North Carolina facility is slated to commence operations in 2025 by which point it plans to have an electrified option available for every Toyota and Lexus model globally.
The company’s United States-listed shares traded 1.8% higher following the announcement at US$174.55.
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