Toyota announced plans to make additional investments on Tuesday. $1.3 billion The new electric SUV will be produced at a facility in Georgetown, Kentucky.
recently press releasethe automaker revealed plans to allocate more funding to its flagship factory for “future electrification initiatives, including assembly of an all-new three-row battery electric SUV for the U.S. market.”
Including the latest efforts, Toyota has invested nearly $10 billion in the plant. It noted that the additional funding will help strengthen the company’s “commitment to high-quality vehicles and long-term job security.” Approximately 9,400 employees work at this facility.
The company’s latest investment will support previously announced battery electric vehicle assembly and an additional battery pack assembly line at its Kentucky plant.
Toyota said it has committed $17 billion since 2021 to support electrification efforts.
Kentucky Democratic Governor Andy Beshear thanked Toyota for its continued investment in the state.
“More good news for Kentucky’s red-hot economy,” Beshear said in a video he posted. X. “This will ensure a bright future and stable employment for many Kentucky families.”
“The fact that EVs will be produced in this factory shows that we not only want to be a leader in cars, but we want to be a leader in cars,” he added.
Toyota Kentucky President Kelly Creech said the investment reflects the automaker’s “commitment to vehicle electrification.”
Blaze News previously reported that Toyota Motor Corporation Chairman Akio Toyoda announced his opposition to promoting EVs last month.
“No matter how much progress we make, [EVs] I think make’s market share will still remain at 30%. Then, the remaining 70% is [hybrid vehicles], [hydrogen fuel-cell vehicles]Toyoda said, according to a translation by NewsMax. “[Gasoline] Engine cars will definitely remain. This is determined by customers and markets, not regulatory values or political power. ”
Hertz recently announced it would cut its EV fleet by 25% due to high repair costs. The company said it plans to reinvest in gasoline-powered vehicles.
As the EV market cools, Volvo Cars reported this month that it will stop funding its electric sports car brand Polestar Automotive. The Swedish carmaker said it would instead focus on “developing and focusing resources on our own ambitious initiatives, including our own electric vehicles.”
In November, a coalition of 3,880 auto dealers signed an open letter to President Biden (Democratic), calling out the administration’s “unrealistic” EV mandate that 60% of new car sales be EVs by 2030. He urged them to “step on the brakes.” Car dealers have warned that vehicles are starting to “pile up on the lot” as “expectations and hype” for EVs wanes.
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