New Delhi: Toyota Group of Companies which constitutes Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, said on Saturday that together with a related company, they would invest INR 4,800 crore for the local production of electric powertrain parts and components.
The two companies have signed a Memorandum of Understanding (MOU) with the Karnataka government to invest INR 4,100 crore and a related company Toyota Industries Engine India (TIEI) will participate with another INR 700 crore.
“The investments aim to promote greener technologies that will help reduce dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby addressing the manufacturing of electrified vehicles in India,” the company said in a statement.
“This investment will stimulate the growth of the local supplier base and therefore lead to higher investments and new job creation,” he added.
Unlike other automakers who are betting big on EVs, Japanese automakers like Toyota, Honda Cars, Maruti Suzuki are taking the middle road with hybrids before fully migrating to EVs.
Commenting on the investment, Vikram S. Kirloskar, Vice President of Toyota Kirloskar Motor, said the MoU is “a very significant milestone in terms of introducing large-scale investments to further reduce carbon emissions. , create more jobs, create manufacturing centers not only for national needs, but also for global markets, the development of local communities and the advancement of innovation.”
Basavaraj Bommai, Chief Minister of Karnataka, said, “As a state committed to sustainable development and contributing to the progress of the nation, we want to make Karnataka a global supply chain and manufacturing hub within the of our mission “Building for the world”. This Memorandum of Understanding with Toyota Group of Companies is a huge step forward in this regard, and the Government of Karnataka is convinced of Toyota’s commitment to sustainable growth and local manufacturing quality for the growth and development of the Karnataka.
Dr. Murugesh R. Nirani, Minister of Large and Medium Industries, Government of Karnataka, said: “Toyota Group’s investments will also enhance the growth of local suppliers in Karnataka, leading to more investment and job creation. . In addition to boosting the local manufacturing sector, these investments will also support local community development.
The Japanese company established Toyota Kirloskar Auto Parts (TKAP), which began production of transmissions in May 2004, for its global needs.
Toyota Kirloskar Motor has a vehicle manufacturing plant in Bidadi, Karnataka.
While increasing supplier skill levels, Toyota has devoted 40,000 man hours each year to process improvement through system development, management, training and equipment. In addition, an additional 8,500 man hours are spent annually on supplier staff development, the automaker said.
The bZ4X, which will be sold globally, adds to the 38 electric vehicle models currently on sale in the United States, with more than 120 expected by 2025.
In this article, we are listing upcoming hybrid/electric vehicles to be launched in India as soon as possible in different price segments.
