Maruti Suzuki announces investment of Rs 10,400 crore to manufacture electric vehicles in India

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Suzuki Motor Corporation has finally taken a step towards manufacturing electric vehicles in India. Maruti Suzuki’s parent company, Suzuki Motor Corporation, has signed a Memorandum of Understanding with the state of Gujarat, with a framework to invest in India as an EV manufacturer. This is the first time that the Japanese carmaker has changed its stance on electric vehicles in India.

Suzuki Motor Corporation signed a memorandum of understanding with the state of Gujarat to invest around Rs 10,440 crore (about 150 billion yen) for local manufacturing of electric vehicles (BEVs) and BEV batteries.

EV Investment Profile

Maruti Suzuki will invest around Rs 3,100 crore in manufacturing of electric vehicles in India. Additionally, Maruti Suzuki Private Limited has announced an investment of Rs 7,300 crore in the construction of a battery manufacturing plant in India. The EV manufacturing plant is estimated to be completed by the year 2025 while the battery manufacturing plant will be built by 2026.

As per the MoU signed between the company and the state of Gujarat, Maruti Suzuki India will also invest in a vehicle recycling plant. The company will invest Rs 45 crore for this venture and the estimated date of its completion is 2025.

The new agreement was signed on Saturday and announced on Sunday. The MoU was signed at the India-Japan Economic Forum held in New Delhi, India in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi.

Toshihiro Suzuki, Representative Director and Chairman, Suzuki Motor Corporation and Mr. Kenichi Ayukawa, Managing Director and CEO, Maruti Suzuki India Limited joined the ceremony along with eminent senior government officials from India and Japan.

“Suzuki’s future mission is to achieve carbon neutrality with smaller cars,” said Toshihiro Suzuki, representative director and president of Suzuki Motor Corporation. “We will continue to actively invest in India to realize self-reliant India (self-reliant India),” he said.

First appeared on BGR India after Maruti Suzuki announced an investment of Rs 10,400 crore to manufacture electric vehicles in India.

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