$1.3 Billion Investment Reinforces
Commitment to Stable Employment and Future Production
Reinvesting Profits in the North American
Market
GEORGETOWN, Ky., Feb. 6, 2024
/PRNewswire/ -- Toyota announced a $1.3
billion investment at its flagship Kentucky facility for future electrification
efforts including assembly of an all-new, three row battery
electric SUV for the U.S. market. The project brings the plant's
total investment to nearly $10
billion and reinforces Toyota's commitment to high-quality
vehicles and long-term job stability.
The investment supports the previously announced future BEV
assembly at Toyota Kentucky. It also adds a battery pack assembly
line to the facility, with batteries being supplied by Toyota
Battery Manufacturing North Carolina.
"You cannot think of the Bluegrass region and Scott County without thinking of Toyota," said
Kentucky Gov. Andy Beshear. "We are grateful that they
continue to invest in our commonwealth and continue to set a
standard for high-quality, well-paying jobs for our citizens. Thank
you, Toyota for yet another $1
billion-plus investment coming to Kentucky."
Toyota Kentucky has been a hub
of the automaker's North American operations since 1986. Its nearly
9,400 team members have assembled some of the most beloved
nameplates in the Toyota lineup, including the Camry – America's
best-selling passenger car for 22 consecutive years.
"Today's announcement reflects our commitment to vehicle
electrification and further reinvesting in our U.S. operations,"
said Kerry Creech, president of
Toyota Kentucky. "Generations of our team members helped prepare
for this opportunity, and we will continue leading the charge into
the future by remaining true to who we are as a company and putting
our people first for generations to come."
Toyota is also committed to investing in its operational
communities, primarily focusing on education and workforce
development. Since making Kentucky
home nearly four decades ago, more than $154
million in local donations continue to make sizeable impacts
in the Bluegrass state. Our partnerships and support of 48
education and workforce training initiatives in 2023 alone has
helped strengthen the foundation for our future.
"Every investment Toyota makes is proof of its commitment to
employees," said Chris Cohelia,
group leader at Toyota Kentucky. "I joined this company 26 years
ago as a production team member. Job stability, competitive pay and
opportunities for growth are all reasons I love working here. It's
also exciting to be a part of the team building Toyota's first
battery electric vehicle in North
America."
Since 2021, Toyota has announced new investments totaling
$17 billion into its U.S.
manufacturing operations to support electrification efforts.
Increasing BEV assembly in North
America advances Toyota's portfolio approach to
electrification and commitment to building where we sell.
About Toyota
Toyota (NYSE:TM) has been a part of the cultural fabric in
North America for more than 65
years, and is committed to advancing sustainable, next-generation
mobility through our Toyota and Lexus brands, plus our more than
1,800 dealerships.
Toyota directly employs more than 63,000 people in
North America who have contributed
to the design, engineering, and assembly of nearly 47 million cars
and trucks at our 13 manufacturing plants. By 2025, Toyota's 14th
plant in North Carolina will begin
to manufacture automotive batteries for electrified vehicles. With
more electrified vehicles on the road than any other automaker,
Toyota currently offers 27 electrified options.
For more information about Toyota, visit
www.ToyotaNewsroom.com.
Media Contact:
Kim
Ogle
256-714-3633
kim.ogle@toyota.com
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SOURCE Toyota Motor North America