Toyota to build $1.25B electric vehicle battery plant in North Carolina

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• Toyota Motor Corp. (NYSE:TM +1.3%) will build a $1.25B electric vehicle battery plant near Greensboro, North Carolina as part of the automaker's $3.4B U.S. EV battery plant.
• State and local governments approved incentive packages worth up to $435M over 20 years for the plant that will create around 1,750 new jobs. Access to plentiful water and cheap energy in the area played a role in the location decision as battery factories can use up to five times as much energy as typical auto plants, according to analysts. Utility rates in the county are 30% lower than the U.S. national average.
• Toyota, like Ford (F +1.3%), is choosing to manufacture its batteries in-house, giving it greater control over the supply chain than if it were to rely on an outside party. The company intends to spend $9B on battery factories and says it will sell 15 battery electric vehicle models by 2025. Toyota currently doesn't offer any pure EVs but hybrids and other EPVs accounted for 28% of total sales in November.

Comments

[Sermer]

Why not a hydrogen plant? Are they finally waking up to reality?

[Flex68]

Good news for that region...... the Triad is growing like a weed !

VFC and SKT have HQ there, CAT built a large facility there about 10 years ago, and TMO has a Pharma Services Division in High Point, just to mention a few.

[Mr. Quincy]

The article says, "Toyota currently doesn't offer any pure EVs." Not true. It offers several, just none in the North American market.

[User 28897925]

2025 to start making batteries? Too late, TM. Go to Zero, do not pass Go.

[User 44893476]

Lithium mine in that area also!

[Bob-in-DE]

Not building in California? Why would that be?

[Jacobin777]

@Bob-in-DE Water is a problem these days.

[User 3434471]

@Bob-in-DE too expensive, intrusive regulators and the top talent would prefer not to live there. If you want to build a copycat social media site or home delivery app using electric cars, then California is still your state. They have loads of Stanford grads coming up with completely unoriginal ideas every day.

[superartus]

@Bob-in-DE easy, because land is extremely expensive in California vs North Carolina.

[elwalle]

Good for North Carolina!