Toyota EV: Toyota to invest Rs 4,800 cr investment to produce EV components in India
TKM and TKAP signed a Memorandum of Understanding (MOU) with the Karnataka government in this regard on Saturday.
The announcement coincides with the automaker's 25th anniversary in India."Toyota Group and TIEI would invest approximately Rs 4,800 crore combined. We are doing this in the spirit of 'go green, go local,' and our goal is to contribute to our country's vision of reducing carbon emissions faster and manufacturing in India "Vikram Gulati, executive vice president of TKM, stated.
In addition to helping the local manufacturing eco-system, the new facility will spur job creation and local community development, he said.
"From a direct employment standpoint, we are looking at approximately 3,500 additional positions from the group firms (TKM & TKAP). Of course, as the supply chain system develops, we anticipate that much more will be added later "Gulati stated.
"We would be aiming at both domestic and global markets. We are moving towards a completely new area of technology which is electrified powertrain parts," Gulati said.
When asked about the timeframe for the start of production, he said: "While I cannot get into the specifics, it's going to be very near-term."
Gulati said Toyota has all the electrified technologies and it believes in taking up all which not only meet consumer requirements but are also aligned with the government's national objectives.
"We believe that electrification is beginning to take off. There are still challenges around it, but the key to moving towards faster electrification would be to take steps like the ones we're taking now. To build local ecosystems, local capabilities, local competitiveness and through that to try deliver all these technologies at an affordable cost," he said.
Gulati was replying to a query if Indian market is now ripe for the electric vehicles.
He commended both the Union and Karnataka governments for pushing electrification in the country.
"If you look at both demand side and supply side, a lot of effort is going on... Our belief is that all technologies, electrified or others, that help to promote national goals should be promoted in a proportionate manner," he noted.
Speaking at the MoU signing event, TKM vice-chairman Vikram S Kirloskar said the development is a very important milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation.
"I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space," he stated.
The company always conducts deep studies, analyse and explore multiple technological pathways that are best suited to optimally achieve the national goals on lowering dependence on fossil fuels, Kirloskar said.
"Toyota believes that the choice of technologies for achieving our national goals should be practical, sustainable, best suited for unique local conditions that helps to realise the transition in the fastest possible manner," he noted.
The company believes in holistic approach and aims to strongly contribute to the state and country's sustainable growth, and is confident in creating an electrified manufacturing hub in India, Kirloskar said.
Toyota group companies have already invested Rs 11,812 crore and employ more than 8,000 people, he added.
The MoU was exchanged between Karnataka chief minister Basavaraj Bommai and Kirloskar in presence of minister of large and medium industries Murugesh R Nirani and senior government officials.
Speaking at the event, Bommai said the government wants to make Karnataka a global supply-chain and manufacturing hub "under our 'build for the world' mission".
"This MoU with Toyota group of companies is a huge stride in this regard, and the Karnataka government is confident of Toyota's commitment towards sustainable growth for state's growth and development," he noted.
( Details and picture courtesy from Source, the content is auto-generated from RSS feed.)
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