by CLC Staff
North Carolina earned the top spot in Business Facilities Magazine‘s “Deal of the Year awards,” its annual assessment of economic development deals of 2023.
Our state was given the magazine’s Platinum Award for securing an $8 billion expansion into the Toyota Battery Manufacturing North Carolina (TBMNC) megasite in the town of Liberty, creating 3,000 new jobs. It is the largest single company investment in North Carolina’s history, and it has grown to nearly $14 billion since the announcement was first made late last year. First established in 2021, the plant — known as the Greensboro-Randolph Megasite — is Toyota’s first North American battery manufacturing plant.
“The 2023 Platinum Deal of the Year Award presented to the State of North Carolina by Business Facilities focuses on the decision by Toyota to implement a proactive infrastructure investment, designed to quickly support future expansion opportunities at its site in the Tar Heel State,” said a press release from the magazine. “The $8 billion investment brings the value of the project since 2021 to $13.9 billion and is expected to create more than 5,000 jobs total. Production will be increased in a phased approach, with line launches planned through 2030 to reach a total production of more than 30GWh annually. Overall, the campus will feature seven million square feet.”
“The future of mobility is electrification, and the Greensboro-Randolph Megasite is the ideal location to make that future a reality,” said Ted Ogawa, CEO of Toyota Motor North America at the announcement last fall. “North Carolina offers 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. Today marks the beginning of a mutually beneficial partnership with the Tar Heel state as we embark on our journey to achieve carbon neutrality and provide mobility for all.”
This latest expansion plan from Toyota represents significant growth in North Carolina’s EV sector, helping to secure its spot along the Battery Belt, which stretches from Atlanta to Detroit. In the last three years, the state has seen more than $11 billion invested in the industry, including a $2 billion investment from VinFast, a Vietnamese auto manufacturer that selected Chatham County in 2022 for the company’s first North American automotive assembly and battery manufacturing plant.
Located in an area that was once a hub for tobacco and textile manufacturing, the Toyota plant will bring significant life back to the community, which has struggled since the shift away from those industries. The 5,000 jobs will revive the community and provide high-paying, salaried positions for residents skilled—or eager to be skilled—in manufacturing.
To provide employees for Toyota’s growing operation in the state and help residents meet those needs and expand their skills, North Carolina’s workforce development system, NCWorks, is supporting the company’s hiring process. This includes initial screening and engagement from the state community college system and customized training programs.
Toyota has donated a total of $200,000 to the Boys & Girls Clubs of Central Asheboro and Greensboro, Junior Achievement of the Triad, Shift_ed and Volunteer Center of the Triad. In 2022, the company announced a $1 million investment in North Carolina students enrolled with Communities in Schools Randolph County and North Carolina Agricultural and Technical State University.
