The Toyota bZ4X electric SUV.

Toyota Sets $1.4B More for New e-SUV Line

April 26, 2024
The Princeton, Ind., assembly plant will be the site of production for a three-row battery-electric SUV and a lithium-ion battery pack assembly line, with several hundred new jobs.

Toyota USA outlined a $1.4-billion capital investment project to launch production of a new, large battery electric sport utility vehicle at its Princeton, Ind., plant. Details of the new vehicle have not been revealed, but it will be a separate model from the three-row electric SUV that will start production next year at Toyota’s Georgetown, Ken., assembly plant.

It has been speculated that Toyota is planning electric versions of its Highlander three-row SUV, one of its most popular sport-utility vehicles, and of the Lexus TX. Currently Toyota offers two electric vehicles to U.S. buyers: the bZ4X and the Lexus RZ.

No launch date has been announced for the new electric SUV model.

The Indiana investment also includes a new, lithium-ion battery pack assembly line, using batteries assembled at the automaker’s new battery plant in North Carolina that is set to start production in 2025.

The new production will add 340 new jobs to the Indiana plant, where Toyota currently assembles Sienna, Highlander, Grand Highlander and the Lexus TX sport utility vehicles, and employs over 7,500.

“Our team members are the heart of Toyota,” stated Tim Hollander, president of Toyota Indiana. “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.”

According to Toyota’s announcement, it has pledged $18.6 billion for its U.S. manufacturing operations since 2021 to expand vehicle electrification efforts.

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