Toyota Motor Corporation announced on Wednesday, November 12th, the official commencement of a new $13.9 billion electric battery factory located in North Carolina. The Japanese automotive giant also declared a further investment of up to $10 billion in the United States over the next five years.
This marks the largest investment made by a Japanese automaker since President Trump began his second term in January. This brings Toyota’s total investment in the United States to nearly $60 billion since the company started its operations there nearly 70 years ago.
The latest announcement from Toyota clarifies a confusing statement made by President Trump during his visit to Tokyo last month. The President had claimed that Toyota would be building plants across the United States with an investment exceeding $10 billion, although the Japanese automaker had not confirmed this at the time.
Toyota did not disclose how the additional investment of up to $10 billion would be allocated. Tetsuo Ogawa, the CEO of Toyota Motor North America, stated that the inauguration of Toyota’s first battery plant in the U.S., TBMNC, and the additional investment of up to $10 billion in the United States mark a pivotal moment in the company’s development. Toyota is a pioneer in the field of electric vehicles, and the significant manufacturing investments in the U.S. and North Carolina further solidify their commitment to team members, customers, dealers, communities, and suppliers.
TBMNC is Toyota’s first self-owned battery factory established outside of Japan. The project was initially announced in December 2021, coinciding with the Biden administration’s push to bring back hybrid and electric vehicle battery production to the United States. TBMNC is the company’s 11th manufacturing plant in America and is expected to create up to 5,100 new job opportunities.
The new battery plant is part of Toyota’s “best-company-in-town” strategy, focusing on local investment, local production, contributing to local communities, and offering diverse options tailored to local needs through a multi-path strategy. In the U.S., Toyota employs approximately 50,000 workers, with its 11 manufacturing plants involved in the development and production of over 35 million vehicles.
Although Toyota has not yet disclosed which plants and businesses will receive the new investment funds, it is anticipated that the investment will benefit multiple facilities to increase the production volume of models manufactured in the United States.
Toyota’s recent sales performance in the U.S. has been robust. From January to October this year, Toyota sold a total of 2.07 million vehicles, an 8% increase compared to the same period in 2024.