To make EV parts in India Toyota plans to invest $624 million

To make EV parts in India Toyota plans to invest $624 million

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.

Toyota Group plans to invest 48 billion rupees ($624 million) to make electric vehicle components in India because the Japanese carmaker works toward carbon neutrality by 2050.

Toyota is aligning its own green targets with India’s ambitions of becoming a manufacturing hub though the switch to clean transport in the South Asian nation is slower than other countries such as China and the U.S. Expensive price tags, lack of options in electric models and insufficient charging stations have led to sluggish adoption of battery vehicles in India.

“From a direct employment point of view, we are looking at around 3,500 new jobs,” Toyota Kirloskar Vice Chairman Vikram Gulati told the Press Trust of India in an interview. “As the supply chain system builds, we expect much more to come in later.”

Indian automakers could generate $20 billion in revenue from electric vehicles between now and fiscal year 2026, according to forecast by Crisil. By 2040, 53% of new automobile sales in India will be electric, compared with 77% in China, according to BloombergNEF.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Nissan says it's too early to predict EV unit spin-off
Nissan says it’s too early to predict EV unit spin-off
“It’s too early to consider because of our diversified market portfolio and diversified product portfolio,” Nissan COO Ashwani Gupta said. It is too soon to ...
Swiggy Pieces high-end gastronomic market with acquisition of Dineout
Swiggy Pieces high-end gastronomic market with acquisition of Dineout
“Times Internet and the founding team should be credited for the transformational impact they have brought about in the dining out experience through their ...
In FY22, Poonawalla Fincorp Limited had a consolidated PAT of Rs 375 crore
In FY22, Poonawalla Fincorp Limited had a consolidated PAT of Rs 375 crore
• For FY22, assets under management (AUM) increased by 17 percent over FY21 to Rs 16,579 crore, while disbursements increased by 158 percent to Rs 9,494 ...
Tech Mahindra Q4 net up 39.2% YoY to Rs 1,506 cr, up 10% sequentially
Tech Mahindra Q4 net up 39.2% YoY to Rs 1,506 cr, up 10% sequentially
For the full year Tech Mahindra almost reached the revenue mark of $6 billion. For FY22 the company reported revenue of $5.99 billion. India’s fifth largest ...
Maruti Suzuki designs Rs 11,000 cr for new factory in Haryana
Maruti Suzuki designs Rs 11,000 cr for new factory in Haryana
The new plant’s first phase with a manufacturing capacity of 2.5 lakh units per annum is expected to be commissioned by 2025, subject to administrative ...
Toshiba gets interest from 10 potential investors
Toshiba gets interest from 10 potential investors
Toshiba, whose businesses span nuclear energy, infrastructure, devices and semiconductors, said 10 potential investors had signed confidentiality pledges, ...
JPMorgan's Dimon Confronts Shareholder Advisory Vote Over $52.6M Retention Premium
JPMorgan’s Dimon Confronts Shareholder Advisory Vote Over $52.6M Retention Premium
While say-on-pay votes are only advisory and Dimon, 66, is expected to keep the award regardless, they are closely followed as a test of investors’ attitudes ...
US economic outlook weakens, inflation likely to persist
Inflation sees the Fed’s path tilt a little
Meanwhile the consensus view on the unemployment rate in the next two years ticked up to just 3.8% from the current 3.6%, an outcome that would enthuse Fed ...
To minimize government spending, UK Prime Minister Boris Johnson is focusing on public service
To minimize government spending, UK Prime Minister Boris Johnson is focusing on public service
The Institute for Government, a think tank, estimated the savings to the public finances could be around 3.6 billion pounds ($4.38 billion) a year. In the ...
JK Paper Q4 profit increases 25% to Rs 170 cr;  recording numbers like in the third quarter
JK Paper Q4 profit increases 25% to Rs 170 cr; recording numbers like in the third quarter
For the fiscal ended March 31, 2022, consolidated net profit was at Rs 543.82 crore as against Rs 236.72 crore in the previous fiscal, JK Paper said. JK ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo