Toyota Adds $1.2 Billion to Investment in North Carolina Battery Plant
Toyota is adding $2.1 billion to its investment in a battery plant for electric vehicles in North America. Among other things, this plant will supply Toyota’s Georgetown, Kentucky complex, which will be the first to assemble an electric model for the automaker in North America.
Toyota may be a latecomer to the electrification race, but the recent shift in the company's top management is beginning to make itself felt. The company is in catch-up mode, and this latest announcement is more proof of that.
Toyota will invest an additional $2.1 billion USD in the battery plant currently under construction near Greensboro, North Carolina. Toyota's total commitment in the plant now stands at $5.9 billion.
The plant will supply batteries to Toyota's huge Georgetown complex in Kentucky. That facility will assemble Toyota's first electric vehicle to be built in the U.S., a new three-row SUV.
Note that for the time being, the new plan will not create any immediate new jobs at the Kentucky or North Carolina plants.
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