Toyota is investing $1.4 billion to build a new electric SUV in Princeton, Indiana
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- Toyota has announced plans to build an all-new three-row electric SUV in Indiana.
- The automaker is investing $1.4 billion into the plant and will add a new battery pack assembly line.
- Little is known about the model, but the vehicle is separate from the previously announced three-row EV that will go into production in 2025.
After a slow start, Toyota is embracing electric vehicles and is preparing to offer an assortment of different models. As part of this effort, the company just announced plans to invest $1.4 billion into Toyota Motor Manufacturing Indiana.
Toyota said the funds will support production of an “all-new, three-row battery electric SUV” at the facility in Princeton. The company didn’t go into many specifics, but the money will be used to upgrade plant infrastructure as well as add a new battery pack assembly line. The latter will use components from Toyota Battery Manufacturing North Carolina, which is slated to come online in 2025.
More: Toyota’s Kentucky Plant Gets $1.3 Billion Investment For EV Production, Including 3-Row SUV
The investment will create up to 340 new jobs and Toyota said they’ll be “high-quality” and have “long-term stability.” That’s not much to go on, but it’s natural to assume the jobs will focus on battery and electric crossover production.
While Toyota isn’t saying much at this point, the automaker confirmed the mysterious three-row crossover is “separate” from the previously announced three-row EV that will be built in Kentucky. That particular model is slated to go into production next year, but the company hasn’t announced a timeframe for the Indiana SUV.
This leaves plenty of unanswered questions, but Toyota Motor Manufacturing Indiana currently builds the Highlander, Grand Highlander, and Sienna as well as the Lexus TX. The company has more than 7,500 employees at the plant and wages start at $22.75 per hour for production team members.
Indiana Governor Eric Holcomb praised the news and released a statement saying, “Indiana and Toyota share a nearly 30-year partnership that has cultivated job stability and economic opportunity in Princeton and the surrounding southwest Indiana region for decades.”
He added, “Today’s incredible announcement shows yet again just how important our state’s business friendly environment, focus on long-term success and access to a skilled workforce is to companies seeking to expand and be profitable far into the future. Indiana proudly looks forward to continuing to being at the center of the future of mobility.”
Note: Lead image is for illustration purposes only
