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Toyota Motor Corporation (NYSE:TM) shares are trading lower on Thursday.
In a press release, the auto giant confirmed its plans to prepare for an assembly of an all-new, three-row battery electric SUV in the U.S. as part of a new $1.4 billion investment in its Princeton facility.
The latest development is a part of Toyota’s commitment to reinvesting profits in its U.S. operations and bringing total investment in Toyota Indiana to $8 billion.
“Indiana and Toyota share a nearly 30-year partnership that has cultivated job stability and economic opportunity in Princeton and the surrounding southwest Indiana region for decades,” said Governor Eric J. Holcomb.
Toyota said that it brings the addition of up to 340 new, high-quality jobs with long-term stability.
This investment will establish plant infrastructure for the new BEV and introduce a battery pack assembly line utilizing lithium-ion batteries from Toyota Battery Manufacturing North Carolina, a multi-billion dollar facility set to start production in 2025.
Toyota’s Indiana facility is home to over 7,500 team members who assemble the Toyota Sienna, Highlander, Grand Highlander and the Lexus TX.
Since 2021, Toyota has announced new investments totaling $18.6 billion into its U.S. manufacturing operations to support electrification efforts.
“Toyota’s investment in the state began with an $800 million commitment and has grown to over $8 billion,” Holcomb added.
This announcement comes on the heels of a $1.3 billion investment in Toyota Kentucky for the production of a separate all-new, three-row battery-electric SUV.
According to Benzinga Pro, TM stock has gained over 68% in the past year. Investors can gain exposure to the stock via Amplify ETF Trust Amplify International Enhanced Dividend Income ETF (NYSE:IDVO)
and Altrius Global Dividend ETF (NASDAQ:DIVD).
Price Action: TM shares are trading lower by 3.47% to $224.79 at last check Thursday.
Photo by RYO Alexandre on Shutterstock
