Toyota plans to invest 624 million to manufacture electric vehicle

Toyota plans to invest $624 million to manufacture electric vehicle parts in India

The Toyota Group plans to invest 48 billion rupees ($624 million) in manufacturing electric vehicle components in India as the Japanese automaker works towards 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 Rs 41 billion, the group said in a statement on Saturday. The rest comes from Toyota Industries Engine India.

Toyota is aligning its own green goals with India’s ambitions to become a manufacturing hub, although the South Asian nation’s shift to clean transportation has been slower than other countries like China and the U.S. Stations have led to sluggish battery vehicle adoption in India.

“From a direct employment perspective, we’re looking at around 3,500 new jobs,” Vikram Gulati, vice chairman of Toyota Kirloskar, said in an interview with the Press Trust of India. “As the supply chain system builds, we expect a lot more later.”

India’s EV sales are doubling, led by battery-powered scooters

According to Crisil’s forecast, Indian automakers could generate $20 billion in EV revenue by fiscal 2026. According to BloombergNEF, 53% of new car sales in India will be electric by 2040, compared to 77% in China.

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