The Toyota group plans to invest 48 billion rupees ($ 624 million) to produce electric vehicle components in India, as the Japanese carmaker works to neutralize its carbon footprint by 2050.
Toyota Kirlskar Motor and Toyota Kirlskar Autoparts have signed a memorandum of understanding with the southern state of Karnataka to invest Rs.41 billion, the group said Saturday. in one statement, while the rest come from Toyota Industries India Engine India.
Toyota is aligning its green goals with India’s ambitions to become an industrial hub, although the transition to clean transportation in the South Asian nation is slower than in other countries such as China and the United States, with exorbitant prices, lack of choice in the electric sector and unauthorized charging points, but this has slowed the adoption of battery-powered vehicles in India.
The new plant will create approximately 3,500 direct jobs in India with its launch, in addition to indirect jobs, which are usually many times that number.
Indian automakers could generate $ 20 billion in electric vehicle revenue by fiscal year 2026, according to Crisil forecasts.
By 2040, 53% of sales of auto new in India will be electric, compared to 77% in China, according to Bloomberg Intelligence, as seen by Al Arabiya.net.
Read More About: Business News