From CNBC:

Toyota Motor Corp. is investing $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market, expected to go into production between late 2025 and early 2026 as part of the company’s plan to invest $35 billion in battery-electric vehicles through 2030. The upcoming vehicle will likely compete against the Rivian RST and Kia EV9.

The announcement comes as some automakers are delaying or cutting investment plans for all-electric vehicles due to slower consumer adoption. However, Toyota continues to invest in hybrids, plug-in hybrid vehicles, and other technologies such as hydrogen fuel cells, as they believe EVs are not the only solution to reach carbon neutrality.

The new all-electric SUV is part of Toyota’s commitment to invest in various technologies for sustainable mobility. The company’s spokesperson declined to provide additional details of the upcoming vehicle, but it represents Toyota’s approach to address the evolving market demands while balancing different technological solutions for future mobility.

Toyota’s investment in all-electric and alternative fuel vehicles aligns with their goal of achieving zero carbon emissions from their operations and make a positive impact on the environment. The decision to continue investing in a variety of technologies reflects Toyota’s long-term strategy to address the needs of a changing automotive market and environmental concerns.



Read more: Toyota to invest $1.3 billion for large all-electric SUV in Kentucky