plan Toyota group To invest 48 billion rupees ($624 million) to manufacture electric vehicle components in India, where it operates Japanese car maker to neutralize its carbon footprint by 2050, Al Arabiya website reported.
Toyota Kirlskar Motor and Toyota Kirlskar Autoparts have signed a memorandum of understanding with the southern state of Karnataka to invest 41 billion rupees, the group said in a statement on Saturday, with the rest coming from Toyota Industries India Engine India.
Toyota is aligning its green goals with India’s ambitions to become an industrial hub, although the transition to clean transportation in the South Asian nation is slower than in other countries such as China and the United States, with exorbitant prices, a lack of choice in electric models, and unauthorized charging points. However, this has slowed the adoption of battery-powered vehicles in India.
The new plant will create regarding 3,500 direct jobs in India with its launch, in addition to indirect jobs, which are usually many times that number.
Indian automakers might generate $20 billion in revenue from electric vehicles between now and fiscal year 2026, according to Crisil’s forecast.
By 2040, 53% of new car sales in India will be electric, compared to 77% in China, according to Bloomberg Intelligence, seen by Al Arabiya.net.
