Suzuki invests ¥ 150 billion in Gujarat for EVs, battery manufacturing
Suzuki Motor Corporation (SMC) has announced the signing of an MoU with the state of Gujarat to invest approximately ¥ 150 billion (approximately ₹ 104.4 billion) for local manufacturing of battery electric vehicles (BEVs) and their batteries.
The MOU was signed on 19 March 2022 at 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 President, Suzuki Motor Corporation and Kenichi Ayukawa, Managing Director and CEO, Maruti Suzuki India Limited were also joined by eminent senior government personnel of India and Japan at the ceremony.
Speaking at the Forum, Toshihiro Suzuki said, "Suzuki's future mission is to achieve carbon neutrality with small cars. We will continue to actively investment in India to realize the country's vision of self-reliant India 'Atma-nirbhar Bharat'".
As per the signed agreements, Suzuki Motor Gujarat Private Limited (SMG) will be investing ₹ 31 billion for ramping up the production capacity for BEV manufacturing at its facility in the year 2025.
The company will also be investing another ₹ 73 billion in 2026 for the construction of an EV battery manufacturing facility close to the SMG's BEV assembly line.
Further, Maruti Suzuki Toyotsu India Private Limited (MSTI) is set to invest ₹ 450 million for establishing a vehicle recycling plant in the state in 2025, according to the company's statement.