Toyota Invests $1.3 Billion in Kentucky Plant for Electric SUV Production [Video]

…Source: https://driveteslacanada.ca/news/toyota-commits-1-3-billion-to-kentucky-plant-for-new-electric-suv/?utm_source=rss&utm_medium=rss&utm_campaign=toyota-commits-1-3-billion-to-kentucky-plant-for-new-electric-suv Transcript: Toyota is making a significant leap into electric vehicles with a $1.3 billion investment in its Georgetown, Kentucky plant, as reported by Drive Tesla. This move is a part of a massive $35 billion strategy aiming to produce 3.5 million battery-electric vehicles by 2030. The Kentucky facility, Toyota’s oldest in the U.S., will be pivotal in this electrification effort, especially with the production of a new all-electric, three-row SUV set to begin between late 2025 and early 2026. Additionally, the investment will fund a new battery pack assembly line, sourcing cells from Toyota’s North Carolina battery manufacturing plant. This comes after a significant $8 billion investment in the North Carolina facility last year, totaling Toyota’s commitment there to $13.9 billion. Amidst the industry’s rapid shift to electric vehicles, Toyota has been criticized for its cautious stance. However, the company is actively investing in electric, hybrid, plug-in hybrid, and hydrogen fuel cell technologies, emphasizing a diversified approach to achieving carbon neutrality.