Toyota said Tuesday it will invest another $8 billion into its first EV battery factory in North America, as the Japanese automaker tries to ramp up its electrification program and introduce 30 battery electric models globally by the end of the decade.
The North Carolina-based factory, which is slated to go into production in 2025, is now valued at $13.9 billion, according to the company. That’s a jump from Toyota’s initial plans to make a $1.29 billion investment to build a North American factory that will make batteries for hybrid electric vehicles and battery electric vehicles.
This latest investment will add eight battery electric and plug-in hybrid battery production lines to the facility located on 1,825 acres in Liberty, North Carolina. Once completed, the factory will have 10 lines and will reach a total production capacity of 30 GWh annually by 2030. To put that into perspective, the so-called Tesla gigafactory, which is a joint venture between the automaker and Panasonic, has the capacity to make 35 GWh of cells annually.