Major Announcement Planned On NC Megasite Could Mean Toyota Deal Done

(WGHP) – Toyota and Panasonic’s plans to build an electric vehicle battery manufacturing plant at the Greensboro-Randolph megasite could be revealed on Monday.

On Friday evening, the Greensboro Chamber of Commerce scheduled a “major economic development announcement” for Monday afternoon by state and megasite officials. The announcement will be at 2 p.m., but the site has not been released. The announcement did not specify the parties involved.

The event will follow a series of meetings on Monday where two government councils will consider incentives that could close the deal for companies to invest more than $ 1 billion to build their facility on more than 1,000 acres near Liberty. .

The Randolph County Council of Commissioners will meet at 9 a.m. and Greensboro City Council at 10 a.m. to consider transfers of ownership, tax cuts and utility charges related to a project on the megasite.

Toyota and Panasonic could open an electric vehicle battery production plant on the megasite near Liberty.

And the North Carolina Department of Commerce’s Economic Investment Committee will meet by teleconference at 11 a.m. Monday.

Toyota Motor North America had announced on October 18 that it would build such a plant in the United States to begin production in 2025, starting with batteries for hybrid electric vehicles.

Toyota has announced that it will invest $ 3.4 billion in the United States through 2030, including an initial plan of $ 1.3 billion for a plant that would employ 1,750 people.

Last month, the North Carolina General Assembly approved $ 338 million for upgrades that could lure a manufacturer into megasite and specified site development and incentives for a company that would invest at least $ 1 billion. dollars and create 1,750 jobs.

Bloomberg News and Automotive News both announced that Toyota had selected North Carolina, which was second for the Toyota-Mazda manufacturing plant in 2018. Toyota has announced that it will select its site by the end of the year. year.

Bloomberg News had included Panasonic as a partner in the ad. Panasonic had long partnered with Tesla on its electric vehicles.

Randolph County Commissioners will take note and vote conspicuously on transferring the ownership of county property and granting economic development tax cuts to a project that matches those specified by the state.

Greensboro will consider a resolution to allow the non-assessment of water and sewer development costs. The city is contracted to provide these services for the megasite.

The military corps will also conclude a public comment period on its environmental approval of the facility on Monday.

The state plans to spend around $ 135 million this fiscal year on site development, $ 100 million on wetland mitigation and $ 35 million on road works and more wetlands. There is $ 185 million to reimburse the manufacturer for the costs of additional site work, road work and wetland mitigation, as needed.

The loss of megasite to Alabama in 2018 for the Toyota-Mazda plant was largely attributed to Toyota building its supply chain there.

But John Boyd Jr., director of The Boyd Company, a New Jersey-based site selection company that works heavily in the electronic vehicle segment and North Carolina, told WGHP last week that he “doesn’t would not be at all surprised for North Carolina. to get this trophy project.

“Unlike previous failures [by North Carolina], the electric vehicle industry requires only a small fraction of the supply of parts that go into a fuel engine, ”Boyd said. “The supply chain is not as critical as it is during these near misses.”