Toyota Motor is announcing that it will invest $1.3 billion in a manufacturing facility in Kentucky to produce a new all-electric SUV for the U.S. market, according to CNBC.
The new vehicle is expected to enter production between late 2025 and early 2026, according to a company spokesperson.
This move is part of the previously announced plans by the Japanese automaker to invest $35 billion in battery-powered electric vehicles by 2030.
According to CNBC, a company spokesperson declined to provide further details about the upcoming vehicle, which is likely to compete with current models such as the Rivian R1S and Kia EV9.
The announcement comes at a time when consumer adoption of electric vehicles has been slower than many expected, which has led some automakers to delay or cut investment plans for all-electric vehicles.
Toyota, the world’s largest automaker, is among the most prominent automakers to state that while electric vehicles are one solution to achieving carbon neutrality, they are not the only solution. The automaker continues to invest in hybrid cars, plug-in hybrid cars and other technologies such as hydrogen fuel cells.
2024-02-06 19:58:43
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