Toyota is making a big investment in its factory complex in Georgetown, Kentucky, with plans to build an all-new three-row electric SUV for the U.S. market. The company will be putting in $1.3 billion to support its future electric vehicle production, including the addition of a line to assemble battery cells into packs for other EVs.
This investment brings Toyota’s spending at the Kentucky plant to nearly $10 billion, highlighting its commitment to manufacturing in the U.S. However, despite the influx of funds, there won’t be any new jobs created at the complex, which currently employs almost 9,400 workers.
While Toyota has not revealed many details about the new SUV, such as its price or release date, this announcement follows the company’s previous commitment to investing $8 billion in a hybrid and electric vehicle battery factory in North Carolina. This factory, set to begin operations near Greensboro in 2025, will employ over 5,000 people and serve as a key supplier for the Kentucky plant.
Toyota’s investment in electric vehicles aligns with its goal of selling 1.5 million to 1.8 million electric or hybrid vehicles in the United States by 2030. With growing demand for electric vehicles and increasing competition in the market, the company is positioning itself to tap into the growing segment.
The decision to build an electric SUV in Kentucky demonstrates Toyota’s recognition of the popularity of SUVs in the U.S. market. By combining the demand for SUVs with the shift towards electrification, the automaker aims to cater to American consumers’ preferences while also addressing environmental concerns.
With this investment, Toyota is not only bolstering its production capabilities but also strengthening its presence in the U.S. auto industry. By manufacturing electric vehicles domestically, the company can potentially reduce costs and improve supply chain efficiency, as well as create more job opportunities for American workers.
Overall, Toyota’s $1.3 billion investment in the Georgetown, Kentucky factory for battery packs and electric SUV production showcases its commitment to the future of electric mobility. With ambitious sales targets and strategic investments in manufacturing facilities, the automaker is positioning itself as a major player in the American electric vehicle market. As the industry continues to evolve, Toyota is clearly focused on staying ahead of the curve and meeting the demands of consumers for clean and efficient transportation.
