Toyota Motor (NYSE:TM), on Tuesday, announced that the Japanese automaker will make an additional $8B investment alongside the creation of approximately 3,000 new jobs, at its North Carolina electric-vehicle battery production facility.
The investment amplifies the Japanese automaker's efforts to transition its range to electric power.
With goals to offer electrified choices for its models by 2025, the company said that this move would bring its overall investment in the plant to roughly $13.B, while also expanding job opportunities to surpass 5,000.
Ford Motor (NYSE:F) and General Motors (NYSE:GM), among the traditional OEMs, have been engaged in an intense race to ramp their electric vehicle production, aiming to narrow the gap between themselves and the leading market player, Tesla (NASDAQ:TSLA).
Toyota's North Carolina facility, scheduled to begin operations in 2025, will mark the company's inaugural venture into automotive battery production on a global scale.
Anticipated to feature a total of six battery production lines, the plant will accommodate four lines dedicated to supporting hybrid vehicles, including models such as the Prius, and an additional two lines dedicated to bolstering battery electric vehicles.
Shares of TM are up 1.90% in mid-day trading on Monday.