Japan's Suzuki Motor To Invest Rs 10,445 Cr In Indian For Electric Vehicles

New Delhi: Japanese auto major Suzuki Motor Corporation (SMC) will invest 150 billion yen (Rs 10,445 crore) in Gujarat to manufacture battery electric vehicles (BEVs) and BEV batteries locally by 2026.

According to reports, in this regard, the company has signed a Memorandum of Understanding (MoU) with the Government of Gujarat.

Maruti Suzuki is the largest carmaker in India and its entry into the EV space could potentially give a tremendous boost to the battery-powered passenger vehicles segment here.

"This agreement was signed at the India-Japan Economic Forum held in New Delhi on March 19, 2022. Prime Minister of Japan Fumio Kishida and Prime Minister of India Narendra Modi were also present on the occasion, '' Maruti Suzuki said in an official statement.

Addressing the forum, SMC Representative Director and President Toshihiro Suzuki said, "Suzuki's future mission is to achieve carbon neutrality with small cars. We will continue to invest here for a self-reliant India."

As per the MoU, Suzuki Motor Gujarat Pvt Ltd. will invest Rs 7,300 crore on a manufacturing plant of batteries near SMC's existing factory by 2026.

Apart from this, SMC will also invest Rs 3,100 crore to increase the production capacity of BEV manufacturing by 2025.

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