Toyota more than doubles investment in Greensboro-Randolph megasite, creating 2100 new jobs

Text Description automatically generated                                                           

                                                               City of Burlington

Economic Development Department


Image Source: Toyota Pressroom 

Automotive giant Toyota, the second largest car manufacturer by revenue in 2022, announced that an electric vehicle battery manufacturing plant will locate at the Greensboro-Randolph Megasite. In December of 2021, the company committed to investing $1.29 billion into the project and create at least 1,750 jobs with salaries averaging $62,000. The project has also received a state and local incentive package of around $439 million, with the potential for more funding in future expansions. 

According to the Economic Development Partnership of North Carolina, the new plant in Randolph County will initially EV battery and intends to produce batteries for battery electric vehicles long term. Operations are expected to be online by 2025 with four production lines, producing 200,000 batteries per year. Toyota estimates an increase from 25% to 70% of sales volume will come from electric vehicles by 2030.

Ted Ogawa, CEO of Toyota Motor North America, says North Carolina was chosen for “the right conditions for this investment, including the infrastructure, high-quality education system, access to a diverse and skilled workforce, and a welcoming environment for doing business.” Over the next 20 years, the Greensboro-Randolph plant is expected to grow the state economy by $9.5 billion. 
Image Source: Toyota Pressroom 

As of August 31, 2022, Toyota has announced an additional $2.5 billion investment into the Greensboro-Randolph megasite.Toyota megasite The investment gives funding to increase capacity to support production, as well as ad 350 jobs. This increases the total investment from $1.29 billion to $3.8 billion, with a total of around 2,100 jobs. Production has been scheduled to begin in 2025.

To understand the extensive benefits and circles of influence around this economic development project, read the blog on the introduction of North Carolina’s electric vehicle industry

Image Source: Toyota Pressroom 

Isabella DeLaGarza, EYOS Fellow

City Contact
Isabella DeLaGarza
425 S. Lexington Ave. 
Burlington, NC 27215