Toyota announced a $1.4 billion investment in their Princeton, Indiana facility. This investment is focused on the preparation for the assembly of a ground-breaking three-row, battery electric SUV in the United States. This new investment brings Toyota's total financial commitment in Indiana to an impressive $8 billion. Besides the financial boost, these plans will also create up to 340 fresh job opportunities.
The investment is intended to develop the necessary plant infrastructure needed to construct this innovative battery electric vehicle (BEV). Part of the investment will be used to set up a new assembly line specifically for battery packs. The lithium-ion batteries for this project will be supplied by Toyota Battery Manufacturing North Carolina, which itself is a $13.9 billion facility expected to commence production in 2025.
Toyota's Indiana facility currently employs over 7,500 team members dedicated to assembling various Toyota and Lexus models including the Toyota Sienna, Highlander, Grand Highlander, and the Lexus TX.
This announcement follows shortly after Toyota's recent $1.3-billion investment into their Kentucky operations, which was aimed at production of another new three-row battery electric SUV.
