Toyota investing $1.3 billion in Georgetown plant
Published 7:55 am Wednesday, February 7, 2024
Toyota announced Tuesday plans to invest $1.3 billion at the Toyota Motor Manufacturing, Kentucky (TMMK) facility in Georgetown, reinforcing the company’s commitment to long-term job stability at the central Kentucky plant.
The announcement builds on the company’s May 2023 announcement to invest $591 million in future projects and increase its job retention commitment with the state by 700 full-time employees to establish the company’s first U.S.-assembled battery electric vehicle (BEV) in Scott County.
“You cannot think of the Bluegrass region and Scott County without thinking of Toyota,” said Gov. Andy Beshear. “We are grateful that they continue to invest in our commonwealth and continue to set a standard for high-quality, well-paying jobs for our citizens. Thank you, Toyota, for yet another $1 billion-plus investment coming to Kentucky.”
Last year, the automaker announced they will produce an all-new, three-row battery electric SUV at TMMK. The increased investment further supports that commitment and will add a battery pack assembly line at the facility, with batteries to be supplied by Toyota Battery Manufacturing North Carolina. The project brings the plant’s total investment to nearly $10 billion since it began operation.
“Today’s announcement reflects our commitment to vehicle electrification and further reinvesting in our U.S. operations,” said Kerry Creech, president of Toyota Kentucky. “Generations of our team members helped prepare for this opportunity, and we will continue leading the charge into the future by remaining true to who we are as a company and putting our people first for generations to come.”
This is just the latest chapter in the Georgetown operation’s history of groundbreaking technology and production. In 2006, TMMK was Toyota’s first plant in the United States to manufacture hybrid electric vehicles and later was selected to assemble fuel cell modules for use in hydrogen-powered, heavy-duty commercial trucks. The plant also plays a critical role in Toyota’s global electrification strategy, with an aggressive goal to offer electric or hybrid versions of every vehicle model by 2025.
TMMK is Toyota’s largest production facility globally and currently employs approximately 9,400 team members. Opened in 1988, more than 12 million vehicles have rolled off TMMK’s assembly lines, including the Camry, America’s best-selling sedan. Current production capacity is approximately 550,000 vehicles and 600,000 engines annually, with more than 350 suppliers nationwide – including over 100 in Kentucky.