Toyota to invest $624 million to make EV parts in India
NEW DELHI: Toyota Group plans to invest Rs 4,800 crore ($624 million) to make electric vehicle components in India, as the Japanese carmaker works toward carbon neutrality by 2050.
Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts signed a memorandum of understanding with Karnataka to invest Rs 4,100 crore, the group said in a statement Saturday. The rest will come from Toyota Industries Engine India.
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 US. Expensive price tags, lack of options in electric models and insufficient charging stations have led to sluggish adoption of battery vehicles in India.
