Suzuki Motor Corporation has finally taken a step in the direction of building EVs in India. The parent company of Maruti Suzuki, Suzuki Motor Corporation has signed an MoU with the State of Gujarat outlining investments in India as an EV manufacturer. This is the first time the Japanese car maker has changed its stance regarding EVs in India. Also Read - New TVS iQube long range electric scooter to launch today: Here's what to expect
Suzuki Motor Corporation signed an MoU with the State of Gujarat to invest approximately Rs 10,440 crore (around 150 billion yen) for local manufacturing of electric vehicles (BEV) and BEV batteries. Also Read - Govt to build 18,000 Kms of highways at 50Km per day in FY23: Nitin Gadkari
EV Investment Outline
Maruti Suzuki will be investing around Rs 3,100 crore in the manufacturing of EVs in India. Additionally, Maruti Suzuki Pvt Ltd has announced an investment of Rs 7,300 crore in the construction of a battery manufacturing plant in India. The EV manufacturing plant is estimated to be completed by the year 2025 whereas the battery manufacturing plant will be built by 2026. Also Read - Top SUVs to launch in the Indian market
Maruti Suzuki India will also be investing in a vehicle recycling plant, according to the MoU signed between the company and the state of Gujarat. The company will be putting in Rs 45 crore for this venture and the estimated date of completion is 2025.
The new agreement was signed on Saturday and announcement was made on Sunday. The MoU was signed at the India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi.
Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation and Mr. Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki India Limited were joined by eminent senior government personnel of India and Japan at the ceremony.
Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation said, “Suzuki’s future mission is to achieve carbon neutrality with small cars.” He added, “We will continue active investment in India to realize Self-reliant India (Atma-nirbhar Bharat).”