Toyota Invests $800 Million to Expand European EV Production

Toyota Motor Corp. is committing $792 million to retrofit its Czech Republic plant for electric vehicle manufacturing, marking its first European EV production site. The Kolin facility, currently producing hybrid models like the Aygo X and Yaris, will add a new assembly line with support from $75 million in Czech government incentives.

The expansion creates 245 new jobs at the 3,200-employee factory, though Toyota remains silent on production timelines or model specifics. This MOVE accelerates Toyota's ambitious electrification targets: 1.5 million annual EV sales by 2026, scaling to 3.5 million by 2030.

Concurrently, the automaker is pioneering solid-state battery development, positioning itself for the next phase of electrified mobility. The investment underscores Europe's growing importance in the global EV race, with governments actively courting manufacturing investments through strategic incentives.