Toyota India plans to use existing facilities in Karnataka to produce components.
Toyota Group firms, including Toyota Kirloskar Motor (TKM), are working on an investment plan ₹4,800 crores in Karnataka for the local production of transmission parts and other components of electric vehicles. While TKM and Toyota Kirloskar Auto Parts (TKAP) will invest ₹4100 crore, Toyota Industries Engine India will perform with another ₹700 crore.
Both TKM and TKAP have signed a Memorandum of Understanding (MOU) with the Karnataka government in this regard. The announcement coincides with the automaker’s 25-year presence in India.
(Also read | Toyota resumes car production at a Chinese plant in Changchun)
A memorandum of understanding was held between Karnataka Chief Minister Basawaraj Bomai and TKM in the presence of Large and Medium Industry Minister Muruges R. Nirani and senior government officials. “Toyota Group and TIEI together will invest approximately ₹4800 crore. “We are doing this in the spirit of ‘save, go local’, and our goal is to contribute to our country’s mission to reduce carbon emissions and production in India more quickly,” said TKM Executive Vice President Vikram Gulati PTI.
The automaker plans to use the existing capacity in the state to produce components. “We will focus on both domestic and global markets. We are moving to a whole new field of technology, which is electrified parts of the transmission,” said Gulati. The start date of production has not been determined yet, but the company is looking forward to the near future.
In addition to stimulating local production, development will also increase employment opportunities and local community development. “We are considering about 3,500 new jobs. Of course, as the supply system is built, we expect much more to come later,” Gulati added.
The Toyota the group’s companies have already invested ₹11,812 million in the country and currently employ more than 8,000 people.
(with inputs from PTI)
Date of first publication: 9:22, 8 May 2022 IST
https://auto.hindustantimes.com/auto/news/toyota-to-invest-rs-4-800-crore-to-locally-produce-ev-components-41651980759399.html
