PRINCETON, Ind. — Toyota plans to build a new $1.3 billion factory in the United States to manufacture batteries for hybrid and fully-electric vehicles, and the company could be bringing it to the Hoosier state.
The exact location of the new plant hasn’t been announced, although Toyota said it would likely be near one of their assembly plants in Missouri, Kentucky, Alabama, Texas or Indiana. Toyota has a manufacturing plant in Princeton, Indiana, which currently has more than 7,000 employees.
Toyota says the new battery plant would employ more than 1,700 people and start in 2025, and gradually expand through 2031.
Toyota joins Ford and General Motors in announcing recent large investments in U.S. battery factories, as more companies shift their focus on hybrid and fully-electric vehicles. GM plans to build battery plants in Ohio and Tennessee, while Ford is building them in Kentucky and Tennessee.