Jun 2, 2023 - Business

Toyota pledges another $2.1 billion to expand battery plant

The under-construction Toyota battery plant in Liberty, N.C. Photo: Toyota

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.

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.

Go Deeper: Toyota's unique approach to electrification

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