Toyota announces a large electric SUV for the US market

Toyota will invest $1.3 billion in its Kentucky factory for “future electrification efforts,” this includes the production of an unnamed three-row electric SUV for the US market. This decision was quite surprising as Toyota has been known to be critical of the industry shift towards EVs. The investment will be used to create an EV assembly line at the Kentucky plant and to assemble battery packs from its North Carolina facility. The company has committed a total of $17 billion to support the transition to EVs in its US operations. However, this move may not fully satisfy environmentalists who have criticized the company’s anti-EV lobbying efforts worldwide for years. Toyota, known for its popular Prius, was an early leader in electrification, but has fallen behind its competitors and currently only offers two battery-electric vehicles in the US. Toyota’s chairman, Akio Toyoda, recently stated that the company’s strategy has proven successful, emphasizing the preference for hybrids over purely battery-electric vehicles given the ongoing debate about EV demand in the US. The three-row SUV could be based on the electric Land Cruiser concept unveiled at the 2023 Japan Mobility Show, featuring a seven-seater design with distinctive styling elements.

Author: OpenAI