Current:Home > StocksToyota pushes back EV production plans in America -Profound Wealth Insights
Toyota pushes back EV production plans in America
View
Date:2025-04-16 14:25:17
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! (141)
Related
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- Live updates | Widening Israeli offensive in southern Gaza worsens dire humanitarian conditions
- Hopes for a Mercosur-EU trade deal fade yet again as leaders meet in Brazil
- Tony Hawk Shares First Glimpse of Son Riley’s Wedding to Frances Bean Cobain
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- What is aerobic exercise? And what are some examples?
- The White House is threatening the patents of high-priced drugs developed with taxpayer dollars
- A pregnant Texas woman is asking a court to let her have an abortion under exceptions to state’s ban
- 'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
- Twitch says it’s withdrawing from the South Korean market over expensive network fees
Ranking
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- Get the Holiday Party Started with Anthropologie’s Up to 40% Off Sale on Party Favorites
- RHOC's Shannon Beador Breaks Silence on Her Ex John Janssen Dating Alum Alexis Bellino
- Wisconsin appeals court upholds decisions denying company permit to build golf course near park
- Tom Holland's New Venture Revealed
- Eduardo Rodriguez agrees to $80 million deal with NL champion Diamondbacks
- Trevor Lawrence says he feels 'better than he would've thought' after ankle injury
- The White House is threatening the patents of high-priced drugs developed with taxpayer dollars
Recommendation
Tropical rains flood homes in an inland Georgia neighborhood for the second time since 2016
McDonald's plans to add about 10,000 new stores worldwide by 2027; increase use of AI
The White House is threatening the patents of high-priced drugs developed with taxpayer dollars
Australia pushes against China’s Pacific influence through a security pact with Papua New Guinea
Euphoria's Hunter Schafer Says Ex Dominic Fike Cheated on Her Before Breakup
Was 44 too old to be a new mom? Growing cohort of older parents face new risks post Dobbs.
An appreciation: How Norman Lear changed television — and with it American life — in the 1970s
AP PHOTOS: In 2023, calamities of war and disaster were unleashed again on an unsettled Middle East