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Aug. 31, 2022, 6:09 a.m. EDT

Toyota to invest additional $2.5 billion in North Carolina EV battery facility, add 350 jobs

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By Ciara Linnane

Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 +0.39% /zigman2/quotes/200537742/composite TM +1.06% said Wednesday it's investing an additional $2.5 billion in its North Carolina facility, Toyota Battery Manufacturing, to support electric vehicle battery production. The company said the new funds will add 350 jobs, brining the total of about 2,100. The facility will produce batteries for hybrid electric vehicles with production scheduled to start in 2025. The company' future battery production commitment stands at up to $5.6 billion, the company said. Last year, Toyota announced plans for global investments of up to $70 billion in electric vehicles. "This plant will serve a central role in Toyota's leadership toward a fully electrified future and will help us meet our goal of carbon neutrality in our vehicles and global operations by 2035," said Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America. Toyota's U.S.-listed shares were up 2.3% premarket.

/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 2,054.50
+8.00 +0.39%
Volume: 11.66M
Nov. 25, 2022 3:00p
P/E Ratio
11.34
Dividend Yield
2.58%
Market Cap
¥28456.42 billion
Rev. per Employee
¥90.14M
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 148.27
+1.56 +1.06%
Volume: 95,589
Nov. 25, 2022 1:10p
P/E Ratio
10.03
Dividend Yield
2.37%
Market Cap
$204.35 billion
Rev. per Employee
$749,014
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