Toyota is set to bring Rs. 5500 crores investment to India for greener technologies
Ahead of Maruti Suzuki and Toyota’s joint hybrid onslaught with 2 SUVs – YFG and D22, Toyota has now revealed its huge investment plan for India in the EV space.
Toyota Kirloskar Motor, Toyota Kirloskar Auto Parts, and Toyota Industries Engine India (TIEI) are slated to jointly invest Rs. 4800 crores for localised production of electric powertrain components.
Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts have signed an MoU with Karnataka government to invest Rs. 4100 crores while TIEI will add another Rs. 700 crores.
In a statement, the company said that the investments have been aimed at promoting greener technologies while lowering dependence of fossil fuels thereby mitigating ill effects of high carbon emissions.
Toyota further said the investment will help in the growth of EV components supplier base and also create local production facilities for building electric powertrain components in India.
It will also bring in employment opportunities for the emerging EV technology and take the local manufacturing capabilities to international standards.
It is to be noted that Toyota Kirloskar Auto Parts, which is set to pitch in huge investment along with the other 2 Toyota companies, is now 18 years old already supplying Toyota components for the global markets.
Unlike Tata Motors which has stepped its foot directly on to the EV market, Maruti Suzuki and Toyota will first launch hybrids before transitioning to full-fledged EVs. The duo feel that India’s charging infrastructure is still not up to scale for pure EVs.
Toyota India recently marked a milestone of selling 2 million (20 lakh) cars since it started production in December 1999 at its Bidadi plant near Bengaluru. The first car Toyota sold was a Qualis and the 2 millionth car it sold was a Glanza.
Toyota has also commenced trial production of its upcoming D22 SUV. The hybrid car which is already on test on our roads is a joint development exercise by Toyota and Maruti Suzuki with the latter aiding the manufacturing process with its supplier base.
Maruti Suzuki is also working on its version of the SUV codenamed YFG.
The SUVs are built on Toyota’s low-cost DNGA platform that does duty on many Toyota and Daihatsu cars abroad. They are expected to be powered by 2 petrol engines, each with a hybrid drive unit.
While the first might get a mild hybrid, the second will be a stronger system, delivering higher power and better mileage.
