Toyota has declared that, as part of a new $1.4 billion investment in its Princeton plant, it is getting ready to assemble a brand-new, three-row battery-electric SUV in the United States. This increases Toyota Indiana’s total investment to $8 billion and reaffirms its commitment to reinvesting profits into its US businesses.
This investment will include a new battery pack assembly line utilising lithium-ion batteries provided by Toyota Battery Manufacturing North Carolina, a $13.9 billion facility scheduled to commence production in 2025, in addition to providing plant infrastructure needed to produce the all-new BEV.
The news follows a $1.3 billion investment made in Toyota Kentucky to support the development of an entirely 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 over 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 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 be 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.
