Japanese automobile major Suzuki Motor Corporation (SMC) on Sunday said it would invest about 150 billion yen (approximately ₹10,440 crore) by 2026 for local manufacturing of electric vehicles (BEV) and BEV batteries, in Gujarat.
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The company said it had signed a memorandum of understanding (MoU) with the Gujarat government for the same. “The MoU was signed on March 19, 2022 at the India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi,” it added.
‘Self-reliant India’
“Suzuki's future mission is to achieve carbon neutrality with small cars,” Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation, said, adding that the company would continue active investment in India to “realise self-reliant India [Atma-nirbhar Bharat]”.
As part of the MoU, Suzuki Motor Gujarat (SMG), which is a wholly owned subsidiary of the SMC, will invest ₹3,100 crore by 2025 for increasing production capacity for BEV manufacturing and ₹7,300 crore by 2026 for construction of plant for BEV batteries (land neighbouring to the SMG).
Additionally, Maruti Suzuki Toyotsu India — a joint venture between Maruti Suzuki India and Japan-based Toyota Tsusho Group, will invest ₹45 crore for construction of vehicle recycling plant by 2025.
