comscore Toyota announces investment of Rs 4,800 crore to build EV parts in India

Toyota announces investment of Rs 4,800 crore to build EV parts, green tech in India

Toyota claims that this investment will enable local production facilities to build electric powertrain parts and components,

Toyota India Investment

Toyota has announced an investment of Rs 4,800 crore in India for building components. These components will also include parts for EVs. Toyota claims that this is also a move towards the vision of “Make in India”. Toyota Group of Companies which includes Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest INR 4,100 crores. Also Read - Delhi govt to add 1,500 low-floor electric buses in its fleet: Check details

As part of the MoU, Toyota Group of Companies will invest towards realizing the goal of making India a manufacturing hub. Toyota claims that the investments are aimed at promoting greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. Also Read - MG Motor India sells over 1 lakh units since launch

Talking about the contribution to the EV ecosystem, Toyota claims that this investment will enable local production facilities to build electric powertrain parts and components. This will help Toyota in building an electrified vehicle manufacturing technology in the country. Also Read - Honda City eHEV Hybrid in pics: All you need to know about the half-EV

Toyota is aiming to reduce its carbon footprint completely in order to achieve its Environmental Challenge in 2050. Toyota aims to focus on reducing carbon emissions by going beyond tailpipe emissions to address manufacturing and lifecycle CO2 emissions in order to realize its carbon neutrality goals by 2050, as announced earlier.

Chief Minister of Karnataka, Basavaraj Bommai said, “Our aim is to build ‘New Karnataka for New India’ by creating new 21st century industrial townships and corridors. As a state committed to sustainable development and contributing to the nation’s progress, we want to make Karnataka a global supply-chain and manufacturing hub under our ‘Build for the World’ mission. This MoU with Toyota Group of Companies is a huge stride in this regard, and Karnataka Government is confident of Toyota’s commitment towards sustainable growth and local manufacturing quality for Karnataka’s growth and development. Karnataka being the hub of electric vehicles, welcomes this MoU which adds another feather to State’s cap as leader in this sector”.

Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor said, “Toyota is committed to enhance the pace of electrification strengthen domestic production with ‘Make in India’. Today’s MoU signing with the Government of Karnataka, in the gracious presence of Hon’ble Chief Minister Basavaraj Bommaiji and all dignitaries, is a very important milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation. I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space.”

He further added, “As a part of our philosophy, we always conduct deeper studies, analyse and explore multiple technological pathways that are best suited to optimally achieve the national goals on lowering dependence on fossil fuels, make India truly self-reliant, reducing carbon emissions and creating jobs. Toyota remains committed to serve our nation and the community where we operate.”

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  • Published Date: May 9, 2022 7:15 PM IST

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