Toyota To Invest $624 Million in the Indian EV Industry

Bloomberg has reported that Toyota Group is aiming to invest Rs 4,800 crore ($624 million) in India to manufacture electric vehicle components as it tries to achieve carbon neutrality by 2050.

May 09, 2022. By News Bureau

Bloomberg has reported that Toyota Group is aiming to invest Rs 4,800 crore ($624 million) in India to manufacture electric vehicle components as it tries to achieve carbon neutrality by 2050.

Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts said on Saturday that they had signed a memorandum of understanding with Karnataka to spend Rs 4,100 crore. Toyota Industries Engine will provide the rest to India.

Toyota is integrating its green goals with India's aim to become a manufacturing hub, even if the transition to clean transportation in India is slower than in China and the United States. The slow adoption of battery vehicles in India is due to high prices, a lack of electric model options, and a lack of charging points.

"From a direct employment point of view, we are looking at around 3,500 new jobs," Toyota Kirloskar executive vice president Vikram Gulati told the Press Trust of India in an interview. "As the supply chain system builds, we expect much more to come in later."

He went on to say that the corporation would be moving toward an electrified powertrain, which he said would begin manufacturing in the "very near future."

According to Crisil, between the now and fiscal year 2026, Indian automakers might gain $20 billion in income from electric vehicles. According to BloombergNEF, by 2040, 53 percent of new automotive sales in India will be electric, compared to 77 percent in China.

Tags:

Sustainable Transport

Memorandum of Understanding

Electric Vehicles