Toyota Motor Corporation (NYSE:TM) marked a major milestone on Wednesday as it began producing batteries at its new Liberty, North Carolina facility.
The operation represents Toyota's first battery plant outside Japan and its eleventh production site in the United States.
New Investment Push
The automaker plans to spend up to $10 billion more over the next five years to advance U.S. manufacturing and future mobility initiatives.
The combined spending brings Toyota's total U.S. investment to nearly $60 billion since it entered the market almost seven decades ago.
Economic Impact
The nearly $14 billion Liberty plant will create up to 5,100 jobs once it’s fully staffed. Officials said the project offers a turning point for the Piedmont Triad, a region with long ties to manufacturing and transportation.
"Today's launch of Toyota's first U.S. battery plant and additional U.S. investment up to $10 billion marks a pivotal moment in our company's history," said Ted Ogawa, chief executive of Toyota Motor North America. He noted the company's goal to expand electrification options for American drivers.
U.S. Secretary of Transportation Sean Duffy praised the move and tied the investment to the administration's efforts to reshore critical industries. "Under President Donald Trump's leadership, America is open for business," Duffy said at the event.
Facility Details
The 1,850-acre site will produce lithium-ion packs for hybrid, plug-in hybrid, and battery-electric vehicles. The plant will eventually operate 14 production lines and could reach an annual output of 30 GWh.
Toyota says it already ships hybrid modules to factories in Kentucky and Alabama, and additional lines will come online by 2030.
Models Powered
Batteries built in North Carolina will support the Camry HEV, Corolla Cross HEV, RAV4 HEV and a new three-row electric SUV planned for U.S. production. Company leaders said the facility will also include childcare, a clinic, and wellness resources for employees.
State and local leaders credited Toyota for investing in STEM education and workforce development.
The Toyota USA Foundation pledged another $2.7 million to expand its Driving Possibilities program in two North Carolina school districts.
North Carolina officials welcomed the investment, including U.S. Rep. Richard Hudson (R-NC), who called the project "great news" for workers and the state's growing automotive supply chain.
State legislative leaders said the partnership reflects confidence in North Carolina's workforce and business climate.
Price Action: TM shares are trading higher by 0.82% to $207.68 at last check on Wednesday.
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