Suzuki Motor Corp., a Japanese automaker, aims to spend heavily in India to establish a manufacturing facility for electric vehicles and batteries as part of its Indian production line. According to the Nikkei business daily, during his visit to India on Saturday to meet with Indian Prime Minister Narendra Modi, Japanese Prime Minister Fumio Kishida announced an overall Japanese investment plan of around 5 trillion yen in the nation over the next five years.
The electric car market is developing all over the world, especially in India.
According to Reuters, the Japanese automaker Suzuki Motor plans to invest over 150 billion yen ($1.26 billion) in India to establish a line of electric vehicles and batteries.
Japan’s investment in India’s electric vehicle market is part of a five-year commitment to invest approximately 5 trillion yen in the nation.
According to the Nikkei business newspaper, the aforementioned battery production factory is slated to be built near Suzuki Motor’s vehicle manufacturing operation in Gujarat for roughly 150 billion yen.
The Japanese automaker has opted to construct a new electric car production line in the nation, with intentions to begin operations by 2025.
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In addition, in October 2019, TOSHIBA Corporation, Denso Corporation, and SMC’s joint venture, Automotive Electronics Power Private Ltd or AEPPL, inked a memorandum of understanding with the Gujarat state government.
According to the deal, a Rs 4,930 crore investment would be made in two parts. According to an India TV report, this would be done to build up a lithium-ion battery facility in Hansalpur, Ahmedabad.