Feb. 23, 2023–In a report from Nikkei released Tuesday, Toyota is planning on setting up EV production from a Kentucky factory as soon as 2025, according to Green Car Reports.
The auto manufacturer has plans to update an existing factory in Georgetown, Kentucky, which first opened in 1988. The factory currently produces “Camry Hybrid and RAV4 Hybrid models” for Toyota and “Lexus ES sedans and inline-4 and V-6 engines.”
According to Toyota the factory “is currently capable of producing 550,000 vehicles and more than 600,000 engines annually.”
This decision, along with Toyota’s recent announcement of plans to make EV batteries at a North Carolina plant by 2025, could qualify the company for the Inflation Reduction Act’s $7,500 federal tax credit for vehicles and battery packs assembled in North America.
Though Toyota sold only 24,000 EVs produced in 2022, the company reportedly plans to produce 20,000 EVs in the United States–and one million globally–by 2026.
The company will still have a gap to close between them and Tesla, who sold “1.31 million vehicles globally last year.”
