PRINCETON, IN—Toyota is investing $803 million to produce two new electric vehicle models at its assembly plant here. The project is expected to create approximately 1,400 new jobs by the end of 2023.
“Over the past 20 years, Toyota has led the way with more electrified vehicles on the road than all automakers combined,” says Ted Ogawa, president and CEO of Toyota Motor North America. “This investment and new vehicle line-up will only allow us to continue our work with electrification, expand our portfolio to around 70 models globally by 2025, and meet the needs of our customers while allowing us to accelerate toward a net-zero carbon future.”
The investment will equip the plant to assemble two new electric vehicles, one under the Toyota brand and one under the Lexus brand. It will be the first time that the Princeton plant will assemble a Lexus vehicle. The investment will also support employee training and retooling at supplier facilities. Production of the new vehicles is expected to begin mid-to-late 2023.
The news marks the third major expansion of the Princeton assembly plant in the past four years, representing a combined investment of $1.3 billion and the addition of 550 jobs. Since the plant opened in 1996, Toyota has invested $6.6 billion in the facility. Employing 7,000 people, the plant assembles more than 420,000 vehicles annually, including the Sienna minivan, the Highlander SUV and the Sequoia SUV.