Toyota Invests $1.3 Billion for Electric Vehicle Production at Kentucky Plant
Toyota Motor Corporation (Toyota) announced it will invest $1.3 billion in its Kentucky plant to manufacture electric vehicles, including a three-low electric SUV aimed at the U.S. market. The investment includes battery production, and Toyota Battery Manufacturing North Carolina will add a battery pack assembly line.
In October 2023, Toyota announced it planned to invest an additional $8 billion in its North Carolina battery plant for electric vehicles, first announced in December 2021, to produce batteries for battery electric vehicles and plug-in hybrid electric vehicles.
While Toyota continues to focus on hybrids, it is also making strides towards electric vehicle transition. In the U.S. market, it currently offers two battery electric vehicles, the Toyota bZ4X and Lexus RZ, and 24 hybrid electric vehicles in its lineup.