Toyota, the world’s largest automaker, has announced a $1.3 billion investment in its flagship plant in Georgetown, Kentucky, to produce a new electric SUV for the US market. The investment will create 1,400 new jobs and support the assembly of the first battery electric vehicle (BEV) in North America by Toyota. The new SUV will be a three-row model that will compete with other electric vehicles in the fast-growing segment.
Toyota’s Commitment to Electrification and US Operations
The $1.3 billion investment is part of Toyota’s global strategy to accelerate its electrification efforts and meet the growing demand for zero-emission vehicles. The company plans to sell 3.5 million BEVs worldwide by 2030, and has committed to invest $17 billion in its US manufacturing operations to support this goal. The investment will also help Toyota to achieve its environmental targets, such as reducing its carbon footprint and increasing its use of renewable energy.
The investment also reflects Toyota’s commitment to its US operations, where it has been present since 1957. The company has 10 manufacturing plants in the US, employing more than 36,000 people and producing more than 1.2 million vehicles annually. The Georgetown plant, which opened in 1986, is Toyota’s largest plant in the world, with nearly 9,400 employees and an annual capacity of 550,000 vehicles. The plant currently produces the Camry, Avalon, RAV4 Hybrid, and Lexus ES models.
The New Electric SUV and Battery Pack Assembly Line
The new electric SUV that will be produced at the Georgetown plant is expected to go into production between late 2025 and early 2026. The SUV will be based on Toyota’s e-TNGA platform, which is a flexible and modular architecture that can accommodate different sizes, shapes, and powertrains of electric vehicles. The SUV will also feature Toyota’s advanced technology, such as a wireless charging system, a digital cockpit, and a suite of safety and convenience features.
The investment will also enable the Georgetown plant to add a new battery pack assembly line, which will assemble the batteries for the new SUV. The batteries will be supplied by Toyota Battery Manufacturing North Carolina, which is a joint venture between Toyota and Panasonic. The battery pack assembly line will be the first of its kind in the US for Toyota, and will enhance the company’s local production and supply chain capabilities.
The Impact and Benefits of the Investment
The investment will have a positive impact and benefits for the local economy, the environment, and the consumers. The investment will create 1,400 new jobs at the Georgetown plant, as well as support the existing workforce and the supplier network. The investment will also boost the local tax revenue and the community development initiatives. The investment will also reduce the greenhouse gas emissions and the energy consumption of the plant, as well as increase the use of renewable energy sources. The investment will also offer the consumers a new and attractive option for an electric SUV, which will be affordable, reliable, and high-quality.
The investment was welcomed and praised by the state and local officials, as well as the plant employees and the industry experts. The investment was seen as a testament to Toyota’s long-term vision and leadership in the automotive industry, as well as its contribution to the US economy and society.
