Toyota Makes $1.4 Billion EV Investment in Indiana Facility

By Sabela Ojea

Toyota is making a $1.4 billion infrastructure investment in its Indiana plant to further support its electrification efforts in the U.S.

The automaker on Thursday said that the additional financing comes as it prepares to assemble a new three-row battery electric sports utility vehicle in that facility, and will bring 340 new jobs.

The company employs more than 63,000 people in North America, of which 7,500 are based in the Indiana facility, where the company has so far invested $8 billion.

The investment will also add a new battery pack assembly line using lithium-ion batteries supplied by a $13.9 billion battery manufacturing plan located in North Carolina, expected to begin production in 2025.

Since 2021, Toyota has made investments of $18.6 billion into its U.S. manufacturing operations for its electrification push.

The company's latest financing efforts in the U.S. follows an additional $1.3 billion investment at its flagship Kentucky facility to produce a separate three-row battery electric SUV for the U.S. market.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

April 25, 2024 12:23 ET (16:23 GMT)

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