Japan’s Suzuki Motors Will Invest Rs 10,000 Crore In India To Produce New Electric Cars, Bikes & More!
The Japanese auto giant Suzuki Motor Corp has plans to make heavy investments in India for setting up manufacturing of electric vehicles and batteries, as part of the Indian production line.
Japanese Prime Minister Fumio Kishida, in his visit to India on Saturday to meet the Indian PM Narendra Modi announced an overall Japanese investment plan of about 5 trillion yen in the country, over the upcoming 5 years, as per the Nikkei business daily.
Suzuki Motor’s Investment in Indian EV Space
The booming electric vehicle space across the world is on the rise, including India.
The auto giant Suzuki Motor, as reported by Reuters, is planning to invest about 150 billion yen, approximating to $1.26 billion for setting up a line of electric vehicles and batteries in India.
This investment by Japan in the Indian EV space falls under the country’s plan to invest about 5 trillion yen over the next 5 years in the country.
Details About Manufacturing EV and Battery in India
Sources have reported that the aforementioned plant for battery manufacturing is proposed to be set up near the auto manufacturing unit of Suzuki Motor in Gujarat for about 150 billion yen, stated the Nikkei business daily.
The Japanese auto manufacturer has decided that it will build a new electric vehicle production line in the country and has plans to start the operations for the same by 2025.
Besides, the joint venture between TOSHIBA Corporation, Denso Corporation and SMC, Automotive Electronics Power Private Ltd or AEPPL signed a memorandum of understanding with the state government of Gujarat in October 2019.
As per the agreement, an investment worth Rs 4,930 crore would be done in two phases. This will be done to upscale a lithium-ion battery plant at Hansalpur, Ahmedabad, cited an India TV report.