Charged EVs | Toyota invests billions in EV production at Indiana and Kentucky plants

Automakers often say one thing and do the opposite, or make contradictory statements for different audiences. Usually this sort of cognitive dissonance is considered a bad thing, but in Toyota’s case it may be otherwise—the company’s leaders have long been the auto industry’s most prominent anti-EV voices, even as the company itself has quietly but steadily prepared for the electric future.

Case in point: Toyota recently announced $1.4 billion in new investment to prepare its facility in Princeton, Indiana for the assembly of a new three-row battery-electric SUV. The latest initiative is expected to create up to 340 new jobs at the factory.

In addition to building the new EV, the Princeton plant will assemble battery packs using cells from Toyota Battery Manufacturing North Carolina, a new $13.9-billion facility that’s expected to begin production in 2025.

“We take great pride in producing quality products while providing long-term, stable employment no matter the changes in our industry” said Tim Hollander, President of Toyota Indiana. “Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect.”

In February, Toyota announced a $1.3-billion investment in its Kentucky manufacturing plant for the production of a separate all-new three-row electric SUV.

In December 2023, Toyota announced plans to introduce 30 new electrified vehicles across the Toyota and Lexus brands by 2030.

Source: Toyota