Toyota Group aims to invest Rs 48 billion ($ 624 million) in India to make parts for electric vehicles as it tries to achieve carbon neutrality by 2050.
Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts have signed an Rs 41 billion investment agreement in Karnataka, the company announced on Saturday. Toyota Industries Engine India will provide the rest.
Toyota aligns its green ambitions with India’s ambitions to become a manufacturing center, even though India’s transition to clean transport is slower than China and the United States. The low acceptance of battery vehicles in India is due to high prices, lack of power model options, and lack of charging points.
In an interview with India’s Press Trust, Toyota Kirloskar vice-president Vikram Gulati said, “From a positive employment perspective, we are looking at an additional 3,500 jobs.” “We expect more to come in the future as funding grows.”
He went on to say that the company will enter a new technology area called electric powertrain parts, which will start producing “soon”.
