Toyota has announced a $1.3 billion investment to electrify its Kentucky plant in the United States, aimed at the production of electric vehicles (EVs). The plant will be retrofitted with a battery assembly line to support this ambitious project.
New investment for electric SUVs
The new investment aims to prepare the plant for the production of a large electric SUV, scheduled to be manufactured from 2025 in Kentucky. This seven-seater model will be completely innovative, marking a significant commitment to electrification.
To meet U.S. funding requirements, the company will use U.S.-made components, including internally assembled battery packs. These packages will come from the North Carolina battery plant, where they recently announced investments of eight billion dollars.
Toyota Kentucky: Japanese production leader in the U.S.
Toyota Motor Manufacturing Kentucky, the Japanese automaker’s largest plant in the U.S., has produced the Toyota Camry, RAV4 Hybrid and Lexus ES since 1989. The electric SUV is expected to be larger than the RAV4 Hybrid and surpass the company’s first electric SUV, the bZ4X.
This $1.3 billion investment brings the total investment in “TMMK” to nearly $10 billion, reflecting Toyota’s commitment to electrification and reinvestment in its U.S. operations, said Kerry Creech, president of Toyota Kentucky.
Importantly, since 2021, the company has earmarked $17 billion for new investments in its U.S. plants to accelerate electrification. With the goal of producing one million electric vehicles globally by 2026, U.S. facilities are expected to contribute 120,000 electric vehicles to this ambitious plan.
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