Akio Toyoda, president of Toyota Motor Corporation.
Yoshikazu Tsuno | Gamma-rapho | fake images
ToyotaEngine is investing $1.3 billion in a Kentucky plant to produce a new three-row all-electric SUV for the U.S. market, the company said Tuesday.
The vehicle is expected to enter production between late 2025 and early 2026, according to a company spokeswoman. It's part of the Japanese automaker's previously announced plans to invest $35 billion in battery electric vehicles, or BEVs, through 2030.
A company spokesperson declined to provide additional details about the upcoming vehicle, which will likely compete with current vehicles like the Rivian R1S and Kia EV9.
The announcement comes as consumer adoption of electric vehicles has been slower than many expected, causing some automakers to delay or reduce investment plans for all-electric vehicles.
Toyota, the world's largest automaker, is among the most prominent automakers to say that while electric vehicles are one solution to achieving carbon neutrality, they are not the only one. The automaker continues to invest in hybrids, plug-in hybrid vehicles and other technologies such as hydrogen fuel cells.
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