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Toyota Pledges $1.4 Billion To U.S. Plant For New Electric SUV, Creating 340 Jobs
Toyota has announced a significant $1.4 billion investment in its Princeton, Indiana, facility to initiate the assembly of an all-new, three-row battery electric SUV (BEV) in the United States. This strategic move not only underscores Toyota's commitment to reinvesting profits into its U.S. operations but also elevates the total investment in Toyota Indiana to an impressive $8 billion. The investment is set to create up to 340 new, high-quality jobs, offering long-term stability in the region.
The substantial investment will enhance the plant's infrastructure, enabling the production of the all-new BEV. Additionally, it will introduce a new battery pack assembly line that utilizes lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina. This facility, with an investment of $13.9 billion, is expected to commence production in 2025.
Tim Hollander, president of Toyota Indiana, expressed pride in the company's workforce and its dedication to producing quality products. He emphasized the company's focus on providing stable employment amidst industry changes and committed to delivering the new product with the quality and performance Toyota's customers have come to expect.
Toyota Indiana is a significant employment hub, home to over 7,500 team members who assemble popular models such as the Toyota Sienna, Highlander, Grand Highlander, and the Lexus TX. Michael Baehl, a 26-year Toyota Indiana team member, shared his pride in the company's commitment to job stability and high-quality work, which has provided him with peace of mind and opportunities for career advancement.
Since 2021, Toyota has announced new investments totaling $18.6 billion into its U.S. manufacturing operations to support electrification efforts. This aligns with Toyota’s strategy to increase BEV production in the U.S., advancing its comprehensive approach to electrification.
Governor Eric J. Holcomb highlighted the nearly 30-year partnership between Indiana and Toyota, which has fostered job stability and economic opportunity in Princeton and the surrounding southwest Indiana region. He lauded Toyota's growing investment in the state, which began with an $800 million commitment and has now reached over $8 billion. Governor Holcomb emphasized Indiana's business-friendly environment and skilled workforce as key factors attracting companies like Toyota to expand and thrive.
This announcement follows closely on the heels of a $1.3 billion investment in Toyota Kentucky for the production of a separate all-new, three-row battery electric SUV.
About Toyota: With over 65 years of presence in North America, Toyota is committed to advancing sustainable mobility through its Toyota and Lexus brands and its network of over 1,800 dealerships. The company directly employs more than 63,000 people across North America. By 2025, Toyota aims to further its commitment to electrification with its 14th plant in North Carolina dedicated to manufacturing automotive batteries for electrified vehicles. With 27 electrified vehicle options currently available, Toyota leads in having more electrified vehicles on the road than any other automaker.
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