Toyota Announces $8 Billion Investment in its US Battery Facility

The project's final phase is set for completion by 2030

November 3, 2023


Automobile manufacturer Toyota has announced an $8 billion investment in its United States-based facility, Toyota Battery Manufacturing North Carolina (TBMNC), aiming to increase capacity for battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).

The expansion will involve adding eight more BEV/PHEV battery production lines to the previously announced two, for a total of ten battery lines. The plant will also have four battery lines for hybrid EVs.

The battery production is expected to rise incrementally through 2030, targeting over 30 GWh annually.

The latest investment tranche will take the total investment to $13.9 billion.

President of Toyota North Carolina, Sean Suggs, said, “Today’s announcement reinforces Toyota’s commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region.”

North Carolina Governor Roy Cooper hailed this expansion as part of the state’s transition to a clean energy economy, bringing better-paying jobs and supporting communities for years to come.

In 2021, Toyota, in partnership with Toyota Tsusho, announced the new Liberty location with an initial investment of $1.29 billion for battery production.

Toyota has introduced over 24.6 million hybrid, plug-in hybrid, fuel cell, and battery electric vehicles worldwide, with a commitment to providing electrified options for every Toyota and Lexus model across the globe by 2025.

Last month, LG Energy Solution announced a $3 billion investment in its Michigan facility to establish battery production lines for Toyota. Under the contract, LG Energy Solution will supply 20 GWh of automotive battery modules consisting of high-nickel NCMA (nickel, cobalt, manganese, aluminum) pouch-type cells annually to Toyota’s motor manufacturing facility in Kentucky to be assembled into battery packs.

In February, Toyota’s trading arm, Toyota Tsusho Corporation, announced the acquisition of an 85% stake in SB Energy, a renewable energy developer under SoftBank Group, strengthening their joint commitment to carbon-neutral initiatives and clean energy development.