Toyota Invests Billions in American Factories for New Electric SUV Production

Toyota announced that it will produce a new all-electric, three-row SUV at its Kentucky plant starting in 2025, and that the company's first US-assembled BEV will be powered by batteries from its North Carolina plant. Toyota will invest an additional $2.1 billion in battery production for BEVs, bringing the total investment to nearly $6 billion and six production lines. The Kentucky plant currently produces Camry, Camry Hybrid, RAV4 Hybrid, and Lexus ES models, and the Lexus ES will be phased out in 2025, leaving space for the new BEV.