PRINCETON, IN—Toyota will invest $1.4 billion in its assembly plant here to build a new, three-row, battery-electric SUV. The project is expected to add 340 new jobs at the factory.

The investment will create the infrastructure to make the new vehicle, as well as add an assembly line to produce the battery packs for it. The lithium-ion batteries will be supplied by Toyota Battery Manufacturing North Carolina, a $13.9 billion facility slated to begin production in 2025.

“Our team members are the heart of Toyota,” said Tim Hollander, president of Toyota Indiana. “We take great pride in producing quality products while providing long-term, stable employment no matter the changes in our industry. Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect.”

Toyota’s Indiana facility employs more than 7,500 people who assemble the Toyota Sienna, Highlander, Grand Highlander and the Lexus TX.

Since 2021, Toyota has announced new investments totaling $18.6 billion into its U.S. manufacturing operations to support electrification efforts. Increasing EV production in the U.S. advances Toyota’s portfolio approach to electrification.

This announcement comes on the heels of a $1.3 billion investment in Toyota Kentucky for the production of a separate all-new, three row battery electric SUV.