On Thursday, Toyota Motor Corp announced a $1.4 billion investment in its Princeton facility located in Indiana, aimed at gearing up for the assembly of a three-row battery-electric SUV.
This injection of funds raises Toyota’s total investment in Indiana to $8 billion and is expected to create 340 new jobs at the Japanese automaker.
This latest investment follows Toyota’s commitment in February to invest $1.3 billion in its Kentucky facility for electrification initiatives, including the assembly of a new three-row battery electric SUV tailored for the U.S. market.
Toyota’s Indiana facility currently employs over 7,500 team members, responsible for assembling popular models such as Sienna vans, Highlander, Grand Highlander, and the Lexus TX.
In addition to vehicle assembly, the plant will incorporate a new battery pack assembly line utilizing lithium-ion batteries supplied by the automaker’s battery manufacturing plant in North Carolina.
Earlier in the day, Toyota reported record-high global sales and production for the fiscal year ending March 31. This achievement was attributed to robust demand and the absence of semiconductor supply constraints that the company had faced in recent years.
