PRINCETON, Ind. (WISH) — Toyota will invest $1.4 billion to create a new battery pack assembly line and a new battery electric vehicle assembly line at its Princeton facility, the Indiana government and the automaker announced Thursday.

A state government news release had no details on the new vehicle.

With the investment, Toyota plans to create up to 340 new jobs by the end of 2025, the state government says. Toyota already employs 7,500 people at the southwest Indiana plant that makes the Toyota Sienna minivan, the Highlander SUV, the Grand Highlander SUV, and the Lexus TX SUV.

Toyota broke ground on its Princeton plant in 1996.

The state government news release says its Indiana Economic Development Corp. committed up to $5 million in incentive-based tax credits and up to $1 million in conditional structured performance payments based on the company’s plans to invest $632 million.

The Toyota plant is located about halfway between Princeton and Fort Branch. It’s about a 40-minute drive north of downtown Evansville.

Toyota’s 2024 bZ4X has a suggested price of $43,070. Toyota Motor North America previously has cited 17 electrified vehicles, including 13 hybrid models and the bZ4X battery electric vehicle.

Toyota says the Indiana announcement came as the company also plans to invest $1.3 billion in its Georgetown, Kentucky, facility to produce a separate, all-new, three row battery electric SUV.

Statements

“Indiana and Toyota share a nearly 30-year partnership that has cultivated job stability and economic opportunity in Princeton and the surrounding Southwest Indiana region for decades. Toyota’s investment in the state began with an $800 million commitment and has grown to over $8 billion. Today’s incredible announcement shows yet again just how important our state’s business friendly environment, focus on long-term success and access to a skilled workforce is to companies seeking to expand and be profitable far into the future. Indiana proudly looks forward to continuing to being at the center of the future of mobility.”

Indiana Gov. Eric Holcomb, a Republican

“Our team members are the heart of Toyota. We take great pride in producing quality products while providing long-term, stable employment no matter the changes in our industry. Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect.”

Tim Hollander, president of Toyota Indiana