Toyota ups the ante in North Carolina
Toyota is investing an additional $2.5 billion at its battery production facility in North Carolina, Axios Pro's Megan Hernbroth reports.
What's happening: Toyota is building out its newest battery production facility in Randolph County, where it is expected to produce electric vehicle and hybrid batteries by 2025.
- Toyota had initially earmarked $1.29 billion for the facility in 2021, after receiving a huge incentive package from North Carolina.
- The additional investment will add 350 more jobs, bringing the project's total to 2,100.
Zoom out: The battery production arms race is on in the U.S., with the recently passed Inflation Reduction Act adding renewed urgency throughout the industry.
The bottom line: Auto manufacturers are rising to meet demand as quickly as possible with a billion-dollar rapid buildout of manufacturing facilities across the country.
- So far, North Carolina is benefitting from the boom in the form of Toyota's growth as well as a project from EV maker Vinfast.
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