Toyota Pumps $8B More In North Carolina EV Battery Plant

Toyota Motor Corporation TM said it will make a new investment of nearly $8 billion in the Toyota Battery Manufacturing North Carolina (TBMNC). The investment will add approximately 3,000 new jobs.

The additional funding brings total investment in the North Carolina plant to approximately $13.9 billion and job creation to more than 5,000.

The investment will be used to add capacity to support battery electric vehicles (BEV's) and plug-in hybrid electric vehicles (PHEV's). 

An additional eight BEV/PHEV battery production lines will be added to the two previously announced, for a total of ten BEV/PHEV battery lines. 

Line launches at the plant are planned through 2030 to reach a total production of more than 30GWh annually.

"Today's announcement reinforces Toyota's commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region," said Sean Suggs, president of Toyota North Carolina.

Also Read: Toyota's September Sales Grow Aided By Strong Demand; 1H Sales Jump As Semiconductor Shortage Eases

Price Action: TM shares are trading higher by 2.03% at $174.87 on the last check Tuesday.