The Japanese carmaker will invest $2.5 billion in Toyota Battery Manufacturing North Carolina, for electric vehicle battery production.
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The plant, based in the Randolph County town of Liberty, will add 350 jobs to bring the workforce total to about 2,100 positions.
The facility will make batteries for hybrid electric vehicles and battery electric vehicles and is scheduled to begin production in 2025,
"This marks another significant milestone for our company," said Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America. "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."
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In 2021, Toyota announced the new Liberty location with an initial investment of $1.29 billion for battery production. With today's announcement, the total investment is $3.8 billion.
"This is an exciting time for Toyota, the region and the many North Carolinians we will soon employ," said Sean Suggs, TBMNC president. "This incremental investment reflects our continued commitment to ensuring jobs and future economic growth for the Triad region."
Production and maintenance employee positions will be available in early 2023, Toyota said.