Current:Home > StocksToyota pushes back EV production plans in America -Mastery Money Tools
Toyota pushes back EV production plans in America
View
Date:2025-04-12 08:43:56
The EV market is in constant flux and Toyota has never been ahead of the game, and it's apparently still struggling to catch up. The automaker has been skeptical about EV adoption, and turned out to be mostly right about its predicted slump in the market, but the world is still moving towards all-electric vehicle adoption and Toyota must still eventually adapt. That adaptation is coming a little slower than planned now, as Toyota's plans for U.S.-built EVs have been pushed back a few months, according to a report from Nikkei.
More EVs:The best electric SUVs of 2024
Toyota reportedly had plans for a three-row all-electric SUV model to be built in Georgetown, Kentucky by the end of 2025, but those intentions have now been pushed back a few months to a planned early 2026 production start. Later in 2026, another new all-electric SUV is scheduled to begin assembly at a factory in Princeton, Indiana. The automaker has invested $2.7 billion in the new Kentucky and Indiana facilities so far. A planned Lexus vehicle to be built in the U.S. by 2030 has reportedly also been scrapped.
According to Nikkei, the delay is due to the company making adjustments to the three-row EV's design in light of slowing EV sales in the U.S. overall.
A North Carolina battery plant is expected to begin operations in 2025 to supply future Toyota EVs, with hopes of moving 1.5 million EVs a year globally by the end of 2026. Toyota hopes to have up to seven all-electric new vehicles on sale in the U.S. market by 2026, though obviously none will be assembled in the U.S. until that year. So far it only offers one Toyota and one Lexus EV in America, the sibling Toyota bZ4X and Lexus RZ 450e SUVs. We anticipate the additional five EVs will be mostly SUV models, especially larger ones, but we do expect an electric Tacoma pickup of some sort to come to the U.S. eventually as well.
Photos by MotorTrend Staff and manufacturer
veryGood! (9176)
Related
- Paige Bueckers vs. Hannah Hidalgo highlights women's basketball games to watch
- The EU wants to put a tax on emissions from imports. It’s irked some other nations at COP28
- Tensions are soaring between Guyana and Venezuela over century-old territorial dispute
- Heisman odds: How finalists stack up ahead of Saturday's trophy ceremony
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- Agriculture gets its day at COP28, but experts see big barriers to cutting emissions
- Heisman odds: How finalists stack up ahead of Saturday's trophy ceremony
- Tensions are soaring between Guyana and Venezuela over century-old territorial dispute
- Questlove charts 50 years of SNL musical hits (and misses)
- The inauguration of Javier Milei has Argentina wondering what kind of president it will get
Ranking
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- Where the Republican presidential candidates stand on Israel and Ukraine funding
- 4 coffee table art books from 2023 that are a visual feast
- Thousands demonstrate against antisemitism in Berlin as Germany grapples with a rise in incidents
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- At COP28, sticking points remain on fossil fuels and adapting to climate as talks near crunch time
- West African leaders acknowledge little progress in their push for democracy in coup-hit region
- The State Department approves the sale of tank ammunition to Israel in a deal that bypasses Congress
Recommendation
Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
U.S. announces military drills with Guyana amid dispute over oil-rich region with Venezuela
Turkey’s Erdogan accuses the West of ‘barbarism’ and Islamophobia in the war in Gaza
Tom Brady and Irina Shayk Reunite During Art Basel Miami Beach
Meet first time Grammy nominee Charley Crockett
Amanda Bynes Returns to the Spotlight With Her Own Podcast and New Look
Post-summit news conferences highlight the divide between China and the EU
Puppies and kittens and dolphins, oh my! Watch our most popular animal videos of the year.