Toyota will invest an additional $8 billion in the hybrid and electric vehicle battery factory it’s constructing in North Carolina.
FILE - The Toyota logo is shown on a dealership in Manchester, N.H., in this Thursday, Aug. 15, 2019, file photo. Toyota will invest an additional $8 billion in the hybrid and electric vehicle battery factory it's constructing in central North Carolina, more than doubling its prior investments and expected number of new jobs, the company announced Tuesday, Oct. 31, 2023.
“North Carolina’s transition to a clean energy economy is bringing better paying jobs that will support our families and communities for decades to come,” said Gov. Roy Cooper, who recently returned from a trip to Tokyo where he met with Toyota's president, Koji Sato. Automotive manufacturers have been racing to meet the rising demand for electric vehicles in the U.S., which is responsible for only about 8% of the world’s battery production capacity, according to the U.S. Department of Energy.
Some state governments have made investments of their own, hoping to attract major manufacturers to the area. Toyota could receive hundreds of million in cash incentives, tax breaks and infrastructure upgrades from the state of North Carolina and local governments for fulfilling its job creation and investment goals, according to state officials and documents.
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