Toyota has announced a significant investment of $1.3 billion in its Georgetown, Kentucky factory complex to facilitate the production of a new three-row electric SUV for the US market.
"Today's announcement reflects our commitment to vehicle electrification and further reinvesting in our U.S. operations," Kerry Creech, president of Toyota Kentucky, said in a press release.
"Generations of our team members helped prepare for this opportunity, and we will continue leading the charge into the future by remaining true to who we are as a company and putting our people first for generations to come," he added.
This picture taken on October 31, 2022 shows the logo of Toyota Motor displayed at a car showroom in Tokyo. - Toyota will release second quarter earnings later in the day on November 1.
Kentucky Plant of Toyota
This investment, part of the company's broader electrification efforts, aims to bolster future electric vehicle (EV) manufacturing capabilities, including adding a production line dedicated to assembling battery cells into packs for other EV models.
Despite the substantial financial commitment, the investment would not result in the creation of additional jobs at the facility, which currently employs nearly 9,400 workers.
With this latest investment, Toyota's total expenditure at the Kentucky plant reaches nearly $10 billion, underscoring the company's goals of delivering high-quality vehicles and ensuring long-term job stability.
"You cannot think of the Bluegrass region and Scott County without thinking of Toyota," said Kentucky Gov. Andy Beshear. "We are grateful that they continue to invest in our commonwealth and continue to set a standard for high-quality, well-paying jobs for our citizens. Thank you, Toyota for yet another $1 billion-plus investment coming to Kentucky."
Key Center in North America
Since 1986, Toyota Kentucky has served as a key center for the automaker's operations in North America. With approximately 9,400 team members, it has contributed to the assembly of various popular models from the Toyota lineup, such as the Camry, which has held the title of America's best-selling passenger car for 22 consecutive years.
Additionally, Toyota claims that it remains dedicated to investing in the communities where it operates, primarily focusing on education and workforce development. Over the nearly four decades since establishing roots in Kentucky, the company has donated over $154 million to local initiatives.
Chris Cohelia, a group leader at Toyota Kentucky, highlighted the positive impact of the company's investments on employee satisfaction and career advancement opportunities.
Cohelia, who has been with Toyota for 26 years, emphasized the stability, competitive compensation, and growth prospects offered by the company.
He expressed excitement about being part of the team building Toyota's first battery-electric vehicle in North America, underscoring the significance of the investment for both employees and the company's future.
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