Toyota’s new $1.4 billion investment in its Princeton facility brings total investment in Toyota Indiana to $8 billion and is expected to create 340 new jobs with long-term stability, the automaker said. (Image: Toyota/PRNewswire)
The automaker is investing $1.4 billion in its Princeton facility to produce the SUV and add a new battery pack assembly line.
PRINCETON, Ind.—Toyota reported that it is preparing to assemble a new, three-row battery electric SUV in the United States as part of a new $1.4 billion investment in its Princeton facility. The investment affirms Toyota’s commitment to reinvesting profits in its U.S. operations and is expected to bring up to 340 new jobs, the automaker said in a release.
Toyota said that in addition to providing the plant infrastructure needed to build the battery electric vehicle (BEV), the investment will add a new battery pack assembly line. The line will use lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina (TBMNC), a $13.9 billion facility scheduled to begin production in 2025.
“Our team members are the heart of Toyota,” said Toyota Indiana President Tim Hollander, in the release. “We take great pride in producing quality products while providing long-term, stable employment, no matter the changes in our industry. Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect.”
Toyota’s Indiana facility is home to more than 7,500 team members who assemble the Toyota Sienna, Highlander, Grand Highlander, and the Lexus TX.
“I feel fortunate for the years I’ve been with Toyota and am proud of the products we assemble,” said Michael Baehl, a 26-year Toyota Indiana team member, in the release. “The company’s commitment to long-term job stability and high-quality work provides me with peace of mind. Additionally, the opportunities to enhance my skills and progress in my career have allowed me to achieve goals I never imagined.”
Toyota said that since 2021, the company has announced new investments, totaling $18.6 billion, in its U.S. manufacturing operations to support electrification efforts. Increasing BEV production in the United States advances Toyota’s portfolio approach to electrification, the company said in the release.
“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,” said Governor Eric J. Holcomb, in a statement. “Toyota’s investment in the state began with an $800 million commitment and has grown to over $8 billion. 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.”
This announcement follows a $1.3 billion investment in Toyota Kentucky for the production of a separate new, three-row battery electric SUV.