Toyota Motor Corporation announced on Tuesday that it will invest $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market. The vehicle is expected to begin production between late 2025 and early 2026 as part of Toyota’s plans to invest $35 billion in battery-electric vehicles (BEVs) by 2030. While additional details for the upcoming vehicle were not provided, it is anticipated to compete with models such as the Rivian R1S and Kia EV9.
The decision comes at a time when the adoption of electric vehicles by consumers has been slower than expected, leading some automakers to postpone or revise their investment plans for all-electric vehicles. Despite this trend, Toyota, the world’s largest automaker, remains committed to a multi-faceted approach to reach carbon neutrality, investing in hybrids, plug-in hybrid vehicles, and other technologies like hydrogen fuel cells.
