RANDOLPH COUNTY, N.C. — Toyota North America is doubling down on the company's investment in a North Carolina electric vehicle (EV) battery plant. The company is adding more than $2 billion to its initial plan.
Peter Schwarz, a professor at UNC Charlotte, told WCNC Charlotte that this investment into North Carolina is a staggering one.
"With the exception of Tesla, no one has succeeded in making money on electric vehicles," Schwarz said. "I think Toyota will put more into this site, expand the battery project even more."
With the company trying to tackle the EV market that has been dominated by Tesla, Toyota is looking to move in on that territory.
The plant is currently under construction in Greensboro and will build electric and hybrid batteries to supply Toyota's huge complex in Kentucky. Toyota will build the first U.S.-made electric SUV.
Schwarz told WCNC Charlotte the economic impact could increase the state's gross domestic product by nearly $10 billion by 2044, bringing in $35 million in net revenue.
As the area is attractive with good infrastructure, proximity to airports, and an available workforce, North Carolina is becoming a place for green energy to find a home.
Toyota plans to employ thousands of people in Randolph County. The plant will boast more than 2 million square feet of space with six battery production lines, four of those lines creating batteries for hybrid vehicles.
Contact Colin Mayfield at cmayfield@wcnc.com or follow him on Facebook, Twitter and Instagram.