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Toyota Motor Corp. is going big for its first all-electric vehicle made in the US, announcing plans on to build a three-row sport utility vehicle at its plant in Kentucky. Production of this debut EV made in the US will start in 2025.
The electric SUV will use batteries from a new factory in North Carolina, the Japanese automaker said Wednesday. Toyota is also investing an additional $2.1 billion into the US lithium-ion battery plant currently under construction. That will bring the company’s total investment in the battery facility to $5.9 billion. It decided to build the plant near Greensboro, North Carolina, in 2021.
Toyota has adopted a more cautious approach to all-electric vehicles than many of its global peers but has quietly laid the groundwork for a more robust EV strategy in the US.
The company currently sells two fully electric models in the US — the five-seat Toyota bZ4X and Lexus RZ 450e — both of which are manufactured in Japan. The all-electric three-row SUV, which Toyota did not name, will compete against similarly sized EVs, including Tesla Inc.’s Model X and Model Y and Rivian Automotive Inc.’s R1S. Ford Motor Co. and General Motors Co. have also announced plans to enter the segment.
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