Toyota plans to invest $1.4 billion at its Princeton facility in Indiana, US, to prepare the manufacturing plant to produce an all-new, three-row battery-electric sport utility vehicle (SUV) in the US, the automaker announced April 25.
The new investment plan will bring Toyota’s cumulative investments at the Indiana facility to $8 billion, the company said, adding that the move will also add up to 340 new, high-quality jobs with long-term stability at the site.
The new announcement comes on the heels of a $1.3 billion investment by the automaker at its Kentucky, US, plant for the production of a separate all-new, three-row battery-electric SUV.
According to Toyota, the new investments will not only provide plant infrastructure to build the all-new battery-electric vehicle (BEV), it will also add a new battery-pack assembly line using lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina. The latter is a $13.9 billion facility slated to begin production operations in 2025.
Notably, Toyota’s Indiana facility is home to more than 7,500 team members who assemble the Toyota Sienna, Highlander, Grand Highlander and Lexus TX.
Since 2021, Toyota has announced new investments totaling $18.6 billion into its US manufacturing operations to support electrification efforts.
Increasing BEV production in the US advances Toyota’s portfolio approach to electrification.
