EV Growth Is Coming. Are You Ready?

Toyota’s expansion into North Carolina will not be the auto industry’s last.

By Seth Mendelson, Editorial Director, Business Facilities

Toyota’s decision on Monday to place a $1.29 billion electric vehicle battery plant in central North Carolina is just the latest example of what is happening in the automotive marketplace and how it is going to change the industry—and where cars are made—for decades to come.

Toyota electric vehicle
Governor Roy Cooper announces Toyota USA’s more than $1.2B investment in its first North American battery manufacturing plant, to be built in Randolph County, NC. The clean energy project will create 1,750 new jobs. (Source: NC Dept. of Commerce)

The best news is that this—and similar deals by the likes of Tesla, General Motors and Ford—may just be the tip of the iceberg. In fact, state and local economic development groups should be sharpening their pencils, developing their marketing strategies and getting set for the next round of announcements from Fortune 500 companies looking to expand or relocate.

It’s coming and it is coming fast.

New technologies are the main reason for these investments in the future, but the commitment by the federal government, as well as many private industries, to pour money into infrastructure, research and development is playing huge roles as well. Now, everyone is looking for the right place to be, taking into account every factor from location to costs to finding enough skilled workers as they search for new homes.

Seth Mendelson Editorial Director Business Facilities
Seth Mendelson
Editorial Director
Business Facilities

Economic development is an exciting place to be right now. But, as I said, sharpen those pencils and get the word out about your communities if you want to end up on the winning end of this amazing trend.

What is the deal of the year in your world? We would love to know and report it. We have extended the deadline for entries into our annual Deal of the Year report — which will appear in the January/February issue — until Dec. 14.

 

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