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new Delhi. Japanese carmaker Suzuki Motor will invest $ 1.3 billion i.e. about Rs 10,445 crore for electric vehicle and battery production in India. This move by the Japanese automaker will accelerate the electric vehicles (EV) sector in the country. Maruti Suzuki is the largest car manufacturer in India.
The company said in a statement, “Suzuki Motor Corporation (SMC) has entered into a Memorandum of Understanding with the Indian state of Gujarat to invest approximately 150 billion yen (approximately Rs 104.4 billion) for local manufacturing of electric vehicles (BEVs) and batteries. (MoU) has been signed.” The MoU was signed on 19 March at the India-Japan Economic Forum held in New Delhi in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi.
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Addressing the forum Toshihiro Suzuki, SMC’s Representative Director and President, said, “Suzuki’s future mission is to achieve carbon neutrality with small cars. We will continue to invest here continuously for a self-reliant India. Under the MoU, the wholly owned unit of the company, Suzuki Motor Gujarat Pvt Ltd. (SMG) will invest Rs 7,300 crore on the manufacturing plant of BEV batteries near SMC’s existing factory by 2026.
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Apart from this, SMC will also invest Rs 3,100 crore to increase the production capacity of BEV manufacturing by 2025. Another group company, Maruti Suzuki Toyotsu India Pvt Ltd. Will invest Rs 45 crore more on the construction of vehicle recycling plant by 2025.
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Tags: auto news, Autofocus, Car Bike News, Electric Vehicles, Maruti Suzuki
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