Japan’s Suzuki to invest $1.4 billion for EVs at India factory

NEW DELHI (Reuters) – Suzuki Motor plans to take a position 104.4 billion rupees ($1.37 billion) in its India manufacturing unit to supply electrical autos (EVs) and batteries, Maruti Suzuki India, majority-owned by the Japanese carmaker, stated on Sunday.

It’s the first main EV plan introduced by Maruti Suzuki for India in a bid to align itself with a nationwide technique to scale back oil dependence and reduce debilitating air air pollution in main cities.

Japanese Prime Minister Fumio Kishida, visiting his Indian counterpart, Narendra Modi, on Saturday introduced $42 billion of funding in India over the following 5 years.

Suzuki Motor Gujarat Non-public will make investments 31 billion rupees by 2025 for growing manufacturing capability for battery EV manufacturing and 73 billion rupees for development of plant automobile batteries, the corporate stated.

“Suzuki’s future mission is to realize carbon neutrality with small automobiles,” stated Suzuki Motor president Toshihiro Suzuki.

Tata Motors is the most important vendor of electrical automobiles in India, with rival Mahindra & Mahindra and motor-bike maker TVS Motor firming up their EV plans.

(Reporting by Aftab Ahmed and Aditi Shah; Enhancing by William Mallard)