Toyota has announced a $1.3 billion investment in its Georgetown, Kentucky, manufacturing plant to support electric vehicle (EV) production. The new investment is part of Toyota’s broader $35 billion plan to build 3.5 million battery-electric vehicles (BEVs) by 2030.
The Kentucky plant, Toyota’s oldest vehicle assembly facility in the U.S., will be transformed to become a cornerstone in the company’s electrification efforts to help reach that goal. According to the Japanese automaker, this investment will help launch production of Toyota’s new all-electric, three-row SUV, scheduled to start between late 2025 and early 2026.
The investment in Kentucky also includes the addition of a battery pack assembly line, with the cells to be supplied by Toyota’s new battery manufacturing facility in North Carolina.
Last year Toyota announced an additional $8 billion investment in its hybrid and electric vehicle (EV) battery factory under construction in North Carolina, bringing the company’s total investment in the plant to $13.9 billion.
Despite the automotive industry’s accelerated pivot towards electric vehicles, Toyota has maintained a cautious approach. Recently the company has fought back against the belief that it is anti-EV. While continuing to invest in hybrid and plug-in hybrid technologies, alongside hydrogen fuel cells, a company executive said they want to be a part of the EV revolution, but that there needs to be a diversified strategy towards achieving carbon neutrality.