Toyota is preparing for assembly of an all-new, three-row battery electric SUV in the US as part of a new $1.4 billion investment in its Princeton facility. The move affirms Toyota’s commitment to reinvest profits in its US operations and bringing total investment in Toyota Indiana to $8 billion.
This investment will not only provide plant infrastructure to build the all-new BEV, it will add a new battery pack assembly line using lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina, a $13.9 billion facility slated to begin production in 2025.
This announcement comes on the heels of a $1.3 billion investment in Toyota Kentucky for the production of a separate all-new, three row battery electric SUV.
“Our team members are the heart of Toyota,” said Tim Hollander, president of Toyota Indiana. “We take great pride in producing quality products while providing long-term, stable employment no matter the changes in our industry. Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect.”
Toyota’s Indiana facility is home to more than 7,500 team members who assemble the Toyota Sienna, Highlander, Grand Highlander and the Lexus TX.
“Indiana and Toyota share a nearly 30-year partnership that has cultivated job stability and economic opportunity in Princeton and the surrounding southwest Indiana region for decades,” said Governor Eric J. Holcomb. “Toyota’s investment in the state began with an $800 million commitment and has grown to over $8 billion. Today’s incredible announcement shows yet again just how important our state’s business friendly environment, focus on long-term success and access to a skilled workforce is to companies seeking to expand and be profitable far into the future. Indiana proudly looks forward to continuing to being at the centre of the future of mobility.”
Toyota directly employs more than 63,000 people in North America who have contributed to the design, engineering, and assembly of nearly 47 million cars and trucks at its 13 manufacturing plants. By 2025, Toyota’s 14th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles.