Suzuki Motor plans to invest 104.4 billion rupees ($1.37 billion) in its factory in India to produce electric vehicles (EVs) and batteries.
Suzuki Motor plans to invest 104.4 billion rupees ($1.37 billion) in its factory in India to produce electric vehicles (EVs) and batteries, said Maruti Suzuki India, majority-owned by the Japanese automaker , Sunday.
It is the first major EV plan that Maruti Suzuki has announced for India in a bid to align itself with a national strategy to reduce oil dependency and curb debilitating air pollution in major cities.
Japanese Prime Minister Fumio Kishida, who visited his Indian counterpart Narendra Modi on Saturday, announced that $42 billion will be invested in India over the next five years.
Suzuki Motor Gujarat Private will invest rupees 31 billion by 2025 to increase production capacity for the production of electric vehicles and rupees 73 billion for the construction of car batteries, the company said. “Suzuki’s future mission is to achieve carbon neutrality with small cars,” said Suzuki Motor President Toshihiro Suzuki.
Tata Motors is the largest seller of electric cars in India, with rival Mahindra & Mahindra and motor manufacturer TVS Motor bolstering their EV plans.
(Reporting by Aftab Ahmed and Aditi Shah; editing by William Mallard)
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