Toyota has announced a significant $1.4 billion investment in its Princeton, Indiana plant, which marks a strategic enhancement of its U.S. manufacturing operations. This financial commitment aims to initiate the production of a new three-row battery electric SUV (BEV), while adding up to 340 new jobs, highlighting Toyota’s dedication to U.S. job creation and sustainable manufacturing.
Key Highlights
- $1.4 Billion Investment: Toyota’s funding will transform its Princeton facility, focusing on advanced electric vehicle production.
- New Jobs: Approximately 340 new, sustainable positions will be created, reflecting Toyota’s commitment to economic growth and job stability in the U.S.
- Increased BEV Production: The investment supports Toyota’s expansion into the battery electric vehicles market, aligning with its electrification strategy.
- Long-term Partnership: Reflects Toyota’s ongoing commitment to its nearly 30-year partnership with Indiana, promoting regional economic stability.
Investment Details and Impact
The $1.4 billion investment will not only upgrade the plant infrastructure necessary for assembling the new BEV but also includes the addition of a new battery pack assembly line utilizing lithium-ion batteries. These batteries will be supplied by Toyota Battery Manufacturing North Carolina, which is part of a larger $13.9 billion initiative slated to start in 2025.
“Our team members are the heart of Toyota,” expressed Tim Hollander, president of Toyota Indiana. “We take great pride in producing quality products while providing long-term, stable employment no matter the changes in our industry. Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect.”
The Princeton facility, employing over 7,500 individuals, is instrumental in assembling models such as the Toyota Sienna, Highlander, Grand Highlander, and the Lexus TX.
Employee Perspective
Michael Baehl, a veteran Toyota Indiana team member of 26 years, shared his experience: “I feel fortunate for the years I’ve been with Toyota and am proud of the products we assemble. The company’s commitment to long-term job stability and high-quality work provides me with peace of mind. Additionally, the opportunities to enhance my skills and progress in my career have allowed me to achieve goals I never imagined.”
Government and Community Impact
Governor Eric J. Holcomb praised the initiative: “Indiana and Toyota share a nearly 30-year partnership that has cultivated job stability and economic opportunity in Princeton and the surrounding southwest Indiana region for decades. Toyota’s investment in the state began with an $800 million commitment and has grown to over $8 billion. Today’s incredible announcement shows yet again just how important our state’s business friendly environment, focus on long-term success and access to a skilled workforce is to companies seeking to expand and be profitable far into the future. Indiana proudly looks forward to continuing to be at the center of the future of mobility.”
This announcement aligns closely with a prior $1.3 billion investment in Toyota Kentucky aimed at bolstering production for another new three-row BEV, further reinforcing Toyota’s strategic pivot towards electrification within the U.S. market.
About Toyota
Toyota, a mainstay in North American culture for over 65 years, continues to drive forward sustainable, next-generation mobility through its Toyota and Lexus brands and extensive dealership network. With a workforce of more than 63,000 across North America and a historic role in vehicle assembly, Toyota is poised to commence operations at its 14th plant in North Carolina by 2025, focusing on automotive batteries for electrified vehicles. Toyota remains a leader in the electrified vehicle sector, offering 27 electrified models currently on the market.
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