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Toyota will spend an extra $ 1.3 billion to prepare its Kentucky factory for production of a new three - row all - electric sport utility designed for U.S. consumer , the company harbinger Tuesday . The surplus capital pushes Toyota ’s full investment into the factory to almost $ 10 billion and is the late example of the automaker ’s renewed assurance to electrification .
Toyota has been knock in recent year for lagging behind the industry ’s shimmy toward battery - galvanic vehicle . Toyota White House have largely stood by their determination to offer consumer a mixed portfolio of gasoline , intercrossed , plug - in hybrid and battery galvanising vehicles . But last year , the fellowship salute to squawk up its EV portfolio with a design to introduce 10 new electric battery - powered vehicles by 2026 .
The $ 1.3 billion investment will hold assembly of the all - galvanic SUV and will be used to add a barrage fire pack assembly line . The three - row all - galvanizing SUV is expected to go into production in 2025 . When it comes to market it will contend with Kia ’s raw three - row EV9 , which came to grocery store in late 2023 . Mercedes , Rivian , Tesla and Volvo also make three - words all - galvanising SUVs , although all of these are in the premium and lavishness vehicle class and have the price tatter to reflect that .
The stamp battery cells will be manufactured at Toyota ’s factory in North Carolina , another adeptness that has received extra investing from the auto maker . Last year , Toyota announced plan tospend an additional $ 2.1 billionon the new battery plant .
Kerry Creech , president of Toyota Kentucky , enjoin the announcement reverberate the fellowship ’s loyalty to fomite electrification and further reinvesting in its U.S. operation .
In the past three yr , the caller has announced new investments come $ 17 billion into its U.S. fabrication operation to support electrification efforts .
