Maruti Suzuki’s parent company, Suzuki Motor Corporation, recently announced it would be investing Rs 10,440 crore to give a boost to its Electric Vehicle plans in India. Suzuki will be making an all-electric SUV at its Gujarat plant, which it intends to launch by 2025. The electric SUV will be badged both as a Maruti and a Toyota for India and international markets.
The investment comes as a result of the ongoing India-Japan Economic Forum being held at New Delhi, where a Memorandum of Understanding (MoU) was signed between Suzuki Motor Corporation and the Gujarat government.
The MoU states Japan would invest Rs 4,20,000 crore in India over the next five years as a result of negotiations between Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida held at the Forum in Delhi.
As part of its ambitious mission to attain carbon neutrality with small cars, the Japanese automaker is planning to invest Rs 3100 crore for the new plant to increase production capacity of EV batteries at Suzuki Motor Gujarat (SMG) by 2025, and then pump in another investment to the tune of Rs 7,300 crore in 2026 to set up a new plant for manufacturing electric vehicle batteries.
The investment is expected to give a considerable edge to Maruti Suzuki over other EV manufacturers, and help it rocket its EV production and sales.
