Toyota has announced an $803 million investment into its Princeton, Indiana assembly plant. The investment will enable the automaker to produce two electrified SUVs, but details are still a little scarce.
The automaker has confirmed that one of the new SUV’s will be for the Toyota brand, while the other will be for Lexus. Both will offer three rows of seating and be focused on “Gen Y families.” Toyota isn’t saying if the new models will be fully electric or plug-in hybrids. Toyota recently announced three new plug-in hybrid models for the U.S., so it is believed these SUVs will be PHEV models.
Both new models are expected to enter production in mid to late 2023.
Toyota says its investment into the Princeton plant will include 1,400 new jobs. The plant currently employs 7,000 people and produces the Highlander, Sequoia and Sienna models. The plant has the capacity to produce over 400,000 vehicles a year.