Toyota Set To Invest Rs 4800 Cr For EV Manufacturing Domestically

Leading automotive company Toyota aims to manufacture EV parts in India, for which it is planning to invest INR 48,000 Cr/ USD 624 Mn. This is a part of the Japanese car maker's plan to go carbon neutral by 2050. Additionally, this venture will also produce 3,500 new jobs with major developments in the supply chain set to create even more employment later. 

In a statement issued by the group, Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts have signed an MoU (Memorandum of Understanding) with Karnataka to invest Rs 4,100 crore. They are also looking to expand into manufacturing electrified power train parts.

This move comes at an opportune time for the auto company. This is in line with India's ambition of becoming a manufacturing hub while transitioning to a green economy. Further, as per Crisil, Indian automakers can generate USD 20 Bn from EVs between now and 2026.