Akio Toyoda, Chairman of Toyota Motor Corp.
Yoshikazu Tsuno | Gamma-rapho | Getty Photographs
Toyota Motor is investing $1.3 billion in a Kentucky plant to make a new all-electric, three-row SUV for the U.S. current market, the company reported Tuesday.
The car or truck is envisioned to go into manufacturing in between late 2025 and early 2026, in accordance to a corporation spokeswoman. It is section of earlier declared designs by the Japanese automaker to commit $35 billion in battery-electrical vehicles, or BEVs, as a result of 2030.
A firm spokesperson declined to give more details of the forthcoming motor vehicle, which will possible contend in opposition to latest motor vehicles this kind of as the Rivian RST and Kia EV9.
The announcement arrives as buyer adoption for EVs has been slower than many envisioned, producing some automakers to delay or slice expense programs for all-electric autos.
Toyota – the world’s greatest automaker – is among the the most prominent automakers to say that even though EVs are a solution to arrive at carbon neutrality, they’re not the only one. The automaker carries on to devote in hybrids, plug-in hybrid vehicles and other technologies these as hydrogen gas cells.