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Toyota investing $1.3 billion in red state to build all-electric SUV

Toyota Motor Corporation announced Tuesday that it will spend an additional $1.3 billion on its flagship products. Georgetown, Kentuckywill begin production of a new all-electric SUV at its factory.

The Japanese automaker says the project will result in nearly $10 billion in investment in the factory.

Toyota is investing an additional $1.3 billion in its Georgetown, Kentucky, plant to produce an all-electric SUV for the U.S. market. (Smith Collection/Gado/Getty Images)

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TM Toyota Motor Corporation 218.86 +15.83 +7.80%

“Today’s announcement reflects our commitment to electrifying our vehicles and further reinvesting in our U.S. operations,” said Toyota Kentucky President Kelly Creech. “Our team members have worked together for generations to prepare for this occasion, and we remain true to who we are as a company and will continue to put our employees first for generations to come. , we will continue to lead the way into the future.”

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The move comes as the automaker’s domestic rivals, including Ford, are backing away from their EV ambitions and focusing on higher-margin hybrid and gas-powered vehicles.

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F ford motor corporation 12.09 +0.51 +4.36%
Toyota Kentucky plant workers

Workers work on an assembly line at a Toyota factory in Georgetown, Kentucky, on August 28, 2019. Toyota’s latest project will bring the plant’s investment to nearly $10 billion. (Luke Charette/via Bloomberg/Getty Images)

The investment will support the Japanese automaker’s previously announced assembly of battery electric vehicles in Kentucky.

A battery pack assembly line will also be added to the facility, with batteries supplied by Toyota Battery Manufacturing North Carolina.

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“You can’t think of the Bluegrass region and Scott County without thinking of Toyota,” Kentucky Governor Andy Beshear said in a statement. “We are grateful that they continue to invest in the commonwealth and continue to set the standard for high-quality, good-paying jobs for our people. Thank you for your investment.”

Camry undergoing inspection at Toyota's Kentucky plant

On August 29, 2019, a Camry vehicle rolls off the assembly line at the Toyota plant in Georgetown, Kentucky, undergoing final inspection. (Luke Charette/via Bloomberg/Getty Images)

Toyota’s main U.S. base, the Kentucky plant, employs approximately 9,400 people and assembles 550,000 vehicles a year, including the popular Camry sedan.

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Toyota also earlier in the day lowered its full-year operating profit forecast by nearly 9% after third-quarter profit beat analysts’ expectations thanks to a weaker yen and strong sales of high-margin cars and hybrid vehicles. I pulled it up.

Reuters contributed to this report.

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