While Toyota has helped lead the hybrid trend with its Prius, the company has been less active in producing electric vehicles. But that could be in the past, because Toyota announced an additional $1.3 billion for its Kentucky plant, with an emphasis on electric vehicles. Notably, the company is building a new three-row electric SUV that will be available to U.S. customers.
Toyota's Kentucky operation is its flagship plant, with nearly 9,400 employees. “Today’s announcement reflects our commitment to vehicle electrification and our subsequent reinvestment in our U.S. operations,” Kerry Creech, president of Toyota Kentucky, said in a statement. “Generations of our team members have helped prepare for this opportunity, and we will continue to lead the charge into the future by staying true to who we are as a company and putting our people first for generations to come. »
So far, little is known about the three-row electric SUV, since Toyota only briefly mentions it in connection with the investment. However, this follows the company's prior announcement of its Urban SUV concept scheduled to launch in Europe this year.
The $1.3 billion investment will also be used to create a battery assembly line at its Kentucky factory (a separate manufacturing plant in North Carolina produces the batteries). Toyota has big plans for its battery production, having previously announced three battery lines focused on higher performance and low cost, planned for 2026 and beyond. The company is also working on its first solid-state batteries, which have the potential to charge a VE from 10 to 80 percent in 10 minutes. Toyota's bZ4X EV currently takes 32 minutes to do so.