Toyota announces a $1.4 billion investment in its Princeton facility, marking a decisive step towards bolstering U.S. manufacturing and advancing the electrification agenda. This strategic move underscores Toyota's dedication to reinvesting profits in its American operations, bringing the total investment in Toyota Indiana to an impressive $8 billion. The investment aims to prepare the facility for the assembly of an all-new, three-row battery electric SUV, signaling Toyota's commitment to sustainable mobility solutions.
The investment not only facilitates the production of the new BEV but also entails the establishment of a new battery pack assembly line, leveraging lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina. This $13.9 billion facility, scheduled to commence production in 2025, further solidifies Toyota's commitment to advancing battery technology and supporting the electrification transition.
"This investment reaffirms Toyota's dedication to our team members and the communities we operate in," stated Tim Hollander, President of Toyota Indiana. "We take immense pride in delivering high-quality products while ensuring long-term employment opportunities, regardless of industry changes. Our team is poised to uphold Toyota's legacy of excellence by delivering this new product with the utmost quality and performance."
The investment is expected to create up to 340 new, sustainable jobs with a focus on long-term stability, enriching the workforce and fostering economic growth in the region. Michael Baehl, a seasoned 26-year Toyota Indiana team member, expressed his gratitude, highlighting the company's commitment to job security and professional development opportunities.
Since 2021, Toyota has announced investments totaling $18.6 billion in its U.S. manufacturing operations, reflecting its proactive approach to supporting electrification efforts and advancing sustainable mobility solutions. By expanding BEV production in the U.S., Toyota aims to diversify its electrified vehicle portfolio, catering to evolving consumer preferences and regulatory requirements.
Indiana Governor Eric J. Holcomb commended Toyota's steadfast partnership with the state, citing the nearly 30-year collaboration that has fostered job stability and economic prosperity in Princeton and the surrounding region. Governor Holcomb emphasized Indiana's business-friendly environment, long-term focus on success, and skilled workforce as pivotal factors driving Toyota's investment and ensuring future profitability.
This momentous announcement follows Toyota's recent $1.3 billion investment in its Kentucky plant for the production of a separate three-row battery electric SUV, underscoring the company's multifaceted approach to electrification and commitment to sustainable mobility.
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