Akio Toyoda, Chairman of Toyota Motor Corporation.
Yoshikazu Tsuno | Gamma-rapho | Getty Images
Toyota Motor is investing $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market, the company said Tuesday.
The vehicle is expected to go into production between late 2025 and early 2026, according to a company spokeswoman. It is part of previously announced plans by the Japanese automaker to invest $35 billion in battery-electric vehicles, or BEVs, through 2030.
A company spokesperson declined to provide additional details of the upcoming vehicle, which will likely compete against current vehicles such as the Rivian RST and Kia EV9.
The announcement comes as consumer adoption for EVs has been slower than many expected, causing some automakers to delay or cut investment plans for all-electric vehicles.
Toyota – the world’s largest automaker – is among the most prominent automakers to say that while EVs are a solution to reach carbon neutrality, they’re not the only one. The automaker continues to invest in hybrids, plug-in hybrid vehicles and other technologies such as hydrogen fuel cells.
This story originally appeared on CNBC
