Toyota India Investment To Grow By Rs. 2000 Crores, To Focus On EVs

Toyota India Investment Tweet — Vikram Kirloskar’s tweet was in response to Union Minister Prakash Javadekar’s post

Toyota Kirloskar Motor (TKM) has changed its India investment plan. With the impetus now placed behind electric vehicle technology, the automaker has revealed that it will invest over Rs. 2000 crores here.

Revealed by Vice Chairman of TKM, Vikram Kirloskar in a series of tweets on 15 September, this development is a complete contrast to what Shekar Viswanathan, also a Vice Chairman of TKM, said recently.

“We can only invest in a new plant when we utilise the current capacity. At this level of taxation, we don’t see that happening soon,” Shekar Viswanathan had stated.

But now, Vikram Kirloskar says otherwise. “We are investing 2000+ crs in electric components and technology for the domestic customer and export. We are committed to the future of India and will continue to put all effort in society, environment, skilling and technology,” he said in a tweet.

This statement was in response to a tweet put out by Union Minister of Environment, Prakash Javadekar in which he stated that reports about Toyota stopping investments in India are not correct.

Vikram Kirloskar, in another tweet, said, “We remain committed to all our stakeholders here in India. Toyota’s focus is on tech, electrification of vehicles & creating products for domestic use & exports & is investing 2000+ crs for this. I’m also confident that the govt. reforms will help us recover in the long run.”

He further went on to post, “I believe that a GST readjustment is required in the future to encourage green mobility. Carbon-based tax will also make the Indian industry more competitive.”

The automaker, in a separate statement, has gone on to say it continues to be committed to the Indian market, that it wants to ensure full utilisation of its production capacity and added that its operations here is an integral part of its global strategy.