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Apr 28, 2021

Toyota Announces Third Multi-Million Dollar Investment in Four Years

Toyota Motor Manufacturing Indiana (TMMI), one of 10 Toyota manufacturing facilities in the U.S., announced today the addition of two electric vehicles to its Princeton production line, which will be supported by an $803 million investment and the creation of approximately 1,400 new jobs by the end of 2023.




“Toyota has been an incredible partner to the state of Indiana for nearly 25 years, and we're thrilled to continue that partnership in order to drive our economy forward,” said Gov. Holcomb. “Indiana is proud to be home to the highest concentration of manufacturing jobs in the nation, while providing a skilled workforce that is contributing to the success of companies across a variety of industries. I can’t thank Toyota enough for the role they play in the strength of our manufacturing sector."




The new $803 million investment will equip the Princeton manufacturing line for two new electric vehicles, one Toyota and one Lexus, officially introducing the Lexus line to TMMI. The investment will also support employee training and supplier re-tooling at supplier facilities.

Today’s news marks TMMI’s third major expansion in the last four years, following investment announcements in 2020 and 2017 to invest a combined $1.3 billion in its Princeton operations and create 550 new jobs. Toyota’s total investment in the Princeton site has reached $6.6 billion and the company now assembles more than 420,000 vehicles each year, including the all-hybrid Sienna minivan, Highlander/Highlander Hybrid SUV and Sequoia full-size SUV.

Pending approval of the Indiana Economic Development Corporation (IEDC) board of directors, the IEDC will offer Toyota Motor Manufacturing Indiana up to $7.25 million in conditional tax credits and up to $1 million in conditional training grants based on the company's plans to create up to 1,323 jobs by the end of 2023. The IEDC will also offer up to $6.75 million in conditional tax credits from the Hoosier Business Investment tax credit program based on the company's planned capital investment in Indiana. All of these tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired and investments are made.

 



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