Toyota to significantly increase investment in US EV battery plant

Japanese automaker Toyota Motor will increase its investment in an electric vehicle battery plant in the US state of North Carolina by $8 billion (CZK 185 billion). The expansion will create 3,000 more jobs than originally planned, the company announced today on its website. This will bring the total investment in the plant to approximately $13.9 billion (more than CZK 321 billion).

The additional investment will bring the number of jobs to more than 5,000. The move strengthens the automaker’s efforts to electrify its model lineup, Reuters reported.

Toyota was the world’s largest automaker by sales volume in the first half of this year, ahead of Germany’s Volkswagen Group. The company plans to launch electric versions of its models by 2025.

Toyota’s plant in North Carolina is expected to begin operations in 2025. It will be the company’s first plant anywhere in the world to manufacture batteries for electric vehicles. Six production lines are planned, four of which will focus on hybrid models such as the Toyota Prius.

Toyota also operates in the Czech Republic, employing about 2,500 people in Kolín. It is one of the largest exporters in Czechia and the largest employer in the Kolín region.

Established automakers such as Ford and General Motors are racing to increase electric vehicle production. They want to narrow the lead held by market leader Tesla, the US company.