Toyota Pumps $1.3B into Georgetown Plant for Electric SUV Boom

GEORGETOWN, Ky. — Toyota announced a $1.3 billion expansion at its Toyota Motor Manufacturing Kentucky plant here on Feb. 6, 2024, targeting assembly of an all-new three-row battery electric SUV for the U.S. market — the company's first U.S.-built BEV. The investment, more than double the $2.8 billion project first greenlit in May 2023 by the Kentucky Economic Development Finance Authority, brings cumulative spending at the 1986-opened facility to nearly $10 billion and adds a battery pack assembly line sourced from Toyota Battery Manufacturing North Carolina, set to start production in 2025. Current Camry output continues as retooling begins, with SUV assembly slated for next year.

The Georgetown complex, Toyota's largest worldwide employing nearly 9,400 Kentuckians, will maintain its workforce without adding jobs under this phase, prioritizing long-term stability over expansion hiring. State incentives up to $240 million hinge on hitting $2.8 billion total investment by March 31, 2026, while keeping at least 8,055 jobs — with penalties if full-time Kentucky residents dip below 7,750. Central Kentucky leaders hailed the move as a boon for the region's auto heritage, where Toyota has anchored economic growth since employing thousands in Scott County.

This electrification push aligns with Toyota's broader U.S. strategy, including an $800 million slice of the Georgetown outlay for dual BEV preparations, amid rising demand for electric three-row family haulers. Batteries will flow from the $13.9 billion North Carolina gigafactory, linking Kentucky's assembly prowess to a national supply chain. For Georgetown residents and Scott County, the news reinforces the plant's status as a jobs cornerstone, even as EV shifts test traditional manufacturing models.