AUTO

$1.4B Investment Comes to Toyota’s Indiana Location for New BEV

May 1, 2024

Toyota announced a $1.4 billion investment to produce an all-new, three-row battery electric SUV.
The Toyota Indiana facility, located in Princeton, will receive the new investment, while Toyota Kentucky recently received $1.3 billion for a BEV.
Up to 340 new jobs will be created in Princeton, offering a significant boost to the local economy.

Toyota has announced a $1.4 billion investment in preparing its Toyota Indiana facility, located in Princeton, for the assembly of an all-new, three-row battery electric SUV. This brings the total investment in Toyota Indiana to an impressive $8 billion. Additionally, this initiative is expected to create up to 340 new, high-quality jobs, contributing significantly to the local economy.

The investment will introduce a new battery pack assembly line using batteries from a new Toyota battery plant. This line will operate using lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina, a new $13.9 billion facility anticipated to commence production in 2025.

Since 2021, Toyota has unveiled an ambitious strategy to significantly enhance its manufacturing footprint within the United States, announcing new investments totaling $18.6 billion. This strategic influx of funds is dedicated to bolstering Toyota’s electrification efforts, underscoring the company’s commitment to leading the charge in the automotive industry’s shift toward EVs. The Toyota Indiana facility is the latest to receive a new influx of funding for EVs.

By ramping up the BEV production on U.S. soil, Toyota is not only expanding its diverse portfolio of electrified options but also emphasizing its dedication to sustainable mobility. This move aligns perfectly with Toyota’s approach to electrification, which includes a mix of BEVs, hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs), offering consumers a range of environmentally friendly options.

Toyota Kentucky Recently Received $1.3 Billion Infusion

In addition to the new investment at the Toyota Indiana location, the company recently made a $1.3 billion investment into its Kentucky manufacturing plant for the creation of a new, three-row electric SUV.

This move reinforces the company’s strategic emphasis on diversifying its electric vehicle offerings. It also underscores the deepening of Toyota’s roots in American manufacturing soil, further contributing to the economic vibrancy and technological advancement of the region.

Toyota’s Shift to EV Includes 30 New EV Models By 2030

January 2023 marked a significant shift for Toyota, as Akio Toyoda, the company’s then-president and CEO, resigned amidst criticisms regarding the slow pace of Toyota’s entry into the EV market.

Koji Sato, previously at the helm of Lexus, Toyota’s luxury vehicle division, assumed leadership with a clear mandate to accelerate Toyota’s EV initiatives.

In December 2023, Toyota announced a bold plan to introduce 30 new electric vehicles across the Toyota and Lexus brands by 2030. This signals Toyota’s intention to establish a strong presence in the EV sector, overhauling its previously cautious stance.