TOYOTA INVESTS NEARLY $14 BILLION ON EV BATTERY 'MEGASITE' TO TURN STRUGGLING COMMUNITY INTO ECONOMIC BOOM TOWN: 'IT REPRESENTS GENERATIONAL WEALTH TO FAMILIES THAT HAVEN'T HAD IT BEFORE'

Toyota has invested nearly $14 billion into its Liberty, North Carolina, "megasite" for EV batteries.

Plans for the site were initially announced back in 2021, along with a $1 billion commitment. This was prior to the Inflation Reduction Act's launch, which earmarked $369 billion in federal investments to help fight the changing climate. 

Since then, Toyota has upped its investment several times, indicating notable success for climate legislation and investors in the industry. 

The IRA included stipulations that in order for consumers to get EV tax credits, batteries increasingly needed to be sourced or processed in the U.S. Starting this year, that means 40% of a battery's components, and it will go up to 80% by 2027, according to RMI. 

This has led investors and high-profile automakers to seek manufacturing sites so they could get a piece of the action. Plus, this push helps tip the scales towards renewable sources and away from the dirty fuels that are inextricably linked to combustion engines. 

As detailed by Inside Climate News, this could mark a greener resurgence in U.S. auto manufacturing, which in turn may help turn around areas of the country that have fallen into decline. After the 2008 recession, a Forbes article marked nearby Asheboro as one of the fourth fastest dying cities in the U.S. 

Now, these areas are experiencing a boom in visitors, investments, and jobs, all based around new climate-focused technologies. 

Toyota's Liberty battery plant, where construction is set to start in 2025, will definitely need lots of skilled workers. 

Per the article, the plant is expected to bring around 5,100 direct jobs, but should also spawn thousands more indirect ones to support the influx in population and local business growth that comes with it. 

Neighboring counties are already working with the company to offer training to future employees. Guilford Tech has enrolled 14 students this year in programs to teach related skills, while Randolph Community College added new training programs, including some paid work as the students learn the new trade. 

Sean Suggs, president of Toyota North Carolina, shared his positivity when he announced a new investment of $8 billion last December, saying, "Today's announcement reinforces Toyota's commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region. We are excited to see the continued energy and support of this innovative manufacturing facility."

Linda Brown, former president of the Asheboro/Randolph Chamber of Commerce, shared her excitement with Inside Climate News about the turnaround.

"It represents generational wealth to families that haven't had it before. You know, this has long been a blue collar community," said Brown. "We've had a lot of plant closures over the years, and have been through some economic downtimes."

Join our free newsletter for cool news and actionable info that makes it easy to help yourself while helping the planet.

Toyota invests nearly $14 billion on EV battery 'megasite' to turn struggling community into economic boom town: 'It represents generational wealth to families that haven't had it before' first appeared on The Cool Down.

2024-06-29T16:12:11Z dg43tfdfdgfd