Toyota Group plans to invest 48 billion rupees ($624 million) to produce EV parts in India in line with its goal to reach carbon neutrality by 2050.
Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts signed a memorandum of understanding with the southern state of Karnataka to invest 41 billion rupees, the group said in a statement Saturday. The rest will come from Toyota Industries Engine India. – according to Bloomberg.
The group plans to invest $624 million to create EV components in India as Toyota works toward carbon neutrality by 2050. The project is also expected to generate more than 3,000 jobs,
Toyota Kirloskar Vice-Chairman Vikram Gulati said, “From a direct employment point of view, we are looking at around 3,500 new jobs.” In an interview, he told the Press Trust of India, “As the supply chain system builds, we expect much more to come in later.”
While other locations such as China and the US have embraced electric cars, India has done so to a much lesser extent due to high price perceptions, lack of options for electric vehicles and limited charging stations. Toyota is now aligning its green targets and pushing forward with India’s ambitions of becoming a manufacturing hub for electric vehicles.
