Summary
– Toyota is investing $1.4 billion in its Indiana plant for a new three-row electric SUV
– The new SUV will be separate from the electric SUV being built at the Kentucky plant
– Toyota plans to add a battery pack assembly line using batteries from its North Carolina plant
– The new SUV may be a fully electric Toyota Highlander three-row EV
– Toyota is considering introducing electric versions of the Tacoma and Tundra models.
Article
Toyota is set to launch a new large electric SUV in the US as part of a $1.4 billion investment in its Indiana facility. This investment will lead to the creation of 340 new jobs and will be used for assembling the company’s first three-row electric SUV. Toyota has already invested $8 billion in Indiana and the new funds will go towards producing models such as the Sienna, Highlander, Grand Highlander, and Lexus TX.
The three-row electric SUV is part of Toyota’s larger plan to introduce ten new electric vehicles globally. While this electric SUV will be built at the Kentucky plant, it is not the same as the Toyota Highlander EV. The Highlander EV is expected to be a chassis-based vehicle rather than a skateboard-based EV platform. Toyota’s investment will also include a new battery pack assembly line for lithium-ion batteries supplied from its new EV battery plant in North Carolina.
Toyota’s GM of the US division, David Christ, confirmed that the company will be introducing more battery-electric vehicles in the future, including the Toyota Highlander three-row EV. The Japanese automaker sold over 32,000 Highlanders and 25,136 Grand Highlanders in the US in the first quarter of 2024. However, Toyota has only sold 1,897 bZ4X models, its sole EV in the US through March. The company is also considering introducing electric versions of the Tacoma and Tundra, while keeping an eye on demand for competitors like the Ford F-150 Lightning and Rivian R1T.
The new electric SUV is part of Toyota’s larger strategy of investing in electric vehicles and expanding its lineup in the US. The company has already invested $18.6 billion in its US operations since 2021, with additional investments planned for the future. By introducing more electric vehicles, Toyota aims to stay competitive in the growing EV market and meet the changing demands of consumers for more sustainable transportation options.
The decision to invest in a three-row electric SUV demonstrates Toyota’s commitment to expanding its electric vehicle lineup and meeting the increasing demand for electric SUVs in the market. By investing in battery pack assembly and battery supply chain infrastructure, Toyota is positioning itself for future growth in the electric vehicle market. The company’s investment in its Indiana facility will not only create new jobs but also contribute to the local economy and support the transition to electric vehicles in the US.
Overall, Toyota’s new large electric SUV represents another step in the company’s journey towards electrification and sustainability. With plans to launch more battery-electric vehicles in the future, Toyota is gearing up to compete in the rapidly evolving EV market. By investing in its US operations and expanding its electric vehicle lineup, Toyota is positioning itself as a key player in the transition to electric mobility and contributing to a more sustainable future for transportation.
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