By Claudia Assis
Toyota North America said Monday it picked North Carolina’s Greensboro area as the site for its $1.29 billion battery plant, expected to come on line by 2025 and eventually produce batteries for more than 1 million vehicles.
The plant, to be named Toyota Battery Manufacturing, North Carolina, or TBMNC, will have four production lines, each able to produce enough lithium-ion batteries for 200,000 vehicles, Toyota said.
The goal is to eventually expand the plant to at least six production lines for a combined total of up to 1.2 million vehicles a year, the company said.
The $1.29 billion investment is part of a total investment of $3.4 billion Toyota announced in October and is expected to create 1,750 jobs, the company said.
“The future of mobility is electrification,” Toyota Motor North America Chief Executive Ted Ogawa said in a statment.
North Carolina offers the “right” conditions for the investment, including the infrastructure, a high-quality education system, access to a diverse and skilled workforce, “and a welcoming environment for doing business,” he said.
Toyota’s U.S.-listed shares /zigman2/quotes/200537742/composite TM -1.32% have gained more than 19% this year, compared with an advance of around 22% for the S&P 500 index. /zigman2/quotes/210599714/realtime SPX +1.47%