Toyota invests USD 1.4 billion in second electric vehicle plant in the US

Japanese automaker Toyota Motor is investing USD 1.4 billion (CZK 32.8 billion) in its second electric vehicle plant in the United States. Production there, in Indiana, is due to begin in 2026, Kyodo News reported.

The automaker plans to hire up to 340 new employees. The batteries will be supplied by its new factory, which it is building in North Carolina.

The automaker is expanding electric vehicle production in the United States so that its output can qualify for the tax credit program introduced by President Joe Biden’s administration. To qualify for the tax credit, an electric vehicle must be made in North America.

Toyota’s first electric vehicle plant, in Kentucky, is due to start producing an SUV in 2025. Toyota already makes vehicles with internal combustion engines in Indiana, including the Sienna minivan and Highlander SUV.