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Saturday, August 13, 2022
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State looks to provide another $225M to aid big Toyota expansion

The state budget disclosed Tuesday includes major incentives for a manufacturer with plans to create at least 5,000 jobs and invest $4.7 billion over the next 12 years in Randolph County. Though not named, the company is believed to be Toyota Motor, which is creating a battery manufacturing plant in the county. 

The plan calls for $175 million to reimburse the manufacturer’s costs and $50 million for “creating and maintaining of the 5,000 eligible and expansion positions.”

The project wasn’t explained, but it is believed to the next phase of Toyota Motor’s plan for establishing an electric vehicle assembly plant at the Greensboro Randolph Megasite near Liberty in Randolph County. Last year the giant Japanese automaker said it would spend $1.3 billion to create an electric battery manufacturing plant at the site, with plans to employ  1,750 workers.

The budget bill’s explanation of the project cites last year’s bill, which authorized about $439 million in state and local incentives for Toyota’s first phase at the Randolph County site.

The section of the new blll is titled, “Increase Qualifying Project Funding in Randolph County.” A vote on the budget is expected this week, while it’s unclear if Governor Roy Cooper will sign or veto the bill.

Toyota hasn’t confirmed plans for further expansion at the site, but state and local officials familiar with the company have said a larger auto assembly plant was a likely development.

The Randolph project and investment plan is on Page 123 of the 193-page House Bill 103.

 

 

 

 

David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.

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