Toyota will start shipping batteries from its $14 billion Randolph County plant in April, the Japanese companies told investors Wednesday, the Associated Press reported. That provides official confirmation of previous reports about the biggest capital investment in North Carolina history.
The news coincided with Toyota’s newly announced plans to make electric vehicles and batteries in southwest Shanghai. The new Lexus EVs will start flowing in 2027, the company said.
“We have always tried to be a company that will be loved wherever we do our business. That has never waffled,” Chief Financial Officer Yoichi Miyazaki told reporters. He did not address the continued tariff war between the U.S. and China.
Toyota expects to make about 100,000 vehicles a year and create 1,000 jobs at the Chinese said, officials said. In Randolph County, the company expects to employ about 5,000 folks 20 miles south of Greensboro.
President Donald Trump has imposed tariffs on Chinese goods, prompting China to add tariffs to take effect next week.
Toyota reported a $14 billion profit in the third quarter, up 61% from a year earlier. Revenue gained 3% to $81 billion.
North Carolina is pledging more than $650 million in state and local incentives for the Toyota battery plant. The company appears to be easily hitting the job and investment metrics required to earn the incentives.