Basic Search  |  Geographic Searches  |  Advanced Search | Megadeals

Subsidy Tracker Individual Entry

Company: Toyota Battery Manufacturing
Parent Company: Toyota
Subsidy Source: multiple
Location: North Carolina
City: Greensboro
County: Randolph
Project Description: EV battery production
Year: 2021
Major Industry of Parent: motor vehicles
Specific Industry of Parent: motor vehicles
Subsidy Value: $824,100,000
Subsidy Value in 2023 Dollars: $927,525,376
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 5,000
Wage Data: $62,234
Wage Data Type: median salary
Capital Investment: $13,900,000,000
Source of Data: State infrastructure subsidies based on: Andy Warfield, "NC budget bill includes $338M for Greensboro-Randolph Megasite. Could it be for Toyota battery plant?" Triad Business Journal (Greensboro, North Carolina), November 17, 2021. Via LexisNexis. Project expansion details: Steve Doyle, "Toyota's plans for Greensboro, Randolph County just got even bigger," CBS - 9 WNCT (Greenville, North Carolina); August 31, 2022. Via LexisNexis. State subsidy breakdown: a December 6, 2021 press release from Gov. Cooper "Governor Cooper Announces Toyota Will Build Company's First North American Battery Plant in North Carolina" (click here). Local Subsidies: Paul B. Johnson, "N.C.Toyota chooses megasite for new plant," High Point Enterprise (North Carolina), December 7, 2021. Via LexisNexis. See also December 9, 2021 Randolph County Board of Commissioner minuets of meetings: (click here). Greensboro City Council special meeting on Dec. 6, 2022: (click here). Mark Buckshon, November 30, 2021, "Randolph County reviewing multi-million dollar incentives, possible new Toyota battery plant at Megasite," North Carolina Construction News, (click here).
Notes: Toyota is building an EV battery plant on the Greensboro-Randolph County mega site. The project was announced in late-2021 with an initial investment of $1.3B, which was then increased to $3.8B in summer 2022, a year later to $5.9B, and finally in May 2023 to $13.9B; jobs creation went from 1,750 to 5,000 positions. The expanded investment and job creation allows Toyota to access the ‚¬Å“Phase II‚¬ subsidies. In November 2021, in budget legislation the state approved $135 million (Phase I) for NCDOT for roadwork and wetlands mitigation at the project site and within Randolph County, and additional $185 million for Phase II. The budget also included $315 million in JDIG payroll rebates to the company for Phase I and II. Randolph County approved 20-year grant that will reimburse the company for 60% of its annual property taxes during Phase I; during Phase II the reimbursements will equal 70% - estimated at $167.3 million. The county also gave the company free land, valued at about $21.8 million. Greensborough agreed to connect water and sewer lines to the site for free. Overlaps with main data: a 2021 JDIG entry for Toyota for $79,107,200.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.