Toyota Motor Corp. JP:7203 said Wednesday it will start producing an all-new electric SUV at its Kentucky plant in 2025. The three-row SUV would be the company’s first U.S.-assembled EV, with batteries coming from a Toyota plant in North Carolina currently under construction. Toyota said it will invest an additional $2.1 billion in the North Carolina plant, bringing the total to $5.9 billion. Only some electric and hybrid vehicles qualify for the full $7,500 tax credit or partial credit spelled out in the Inflation Reduction Act largely based on how much of their manufacturing was U.S. based.
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