Posted by Sachit Bhat On 08-May-2022 07:07 AM
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Toyota Group of Companies has signed MoU with the Karnataka Government for investment of INR 4,800 Crore to produce electric powertrain and components that will be locally produced.
Toyota Group of Companies, the parent company of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, announced on Saturday that they will invest INR 4,800 Crores with a related company for the electric powertrain and components produced locally.
The MoUs have already been signed between the Government of Karnataka and these two companies to initially invest INR 4,100 Crores and the related company, i.e, Toyota Industries Engine India, will invest another INR 700 Crores.
The company released a statement in which they said, “The investments are aimed at promoting greener technology that will help lower the dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby cater to the electrified vehicle manufacturing in India”.
They further went on to add, “This investment will spur growth of local supplier base and hence result in higher investments and further job creation”. Meanwhile, we have seen a trend with Japenese carmakers taking a less volatile route of hybrids before marching towards complete EV cars as is the case with other automakers. But companies like Honda, Maruti Suzuki and Toyota have been very cautious into foraying directly in the EV segment.
“MoU is a very important milestone in terms of ushering in large-scale investments 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”, said the Vice Chairman, Toyota Kirloskar Motors, Vikram S. Kirloskar, while reacting on the investment.
Chief Minister of Karnataka, Mr. Basavraj Bommai said, “As a state committed to sustainable development and contributing to the nation’s progress, we want 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 that regard, and the Karnataka Government is confident of Toyota’s commitment towards growth and local manufacturing quality of Karnataka’s growth and development.”
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