(MENAFN- Trend News Agency)
Toyota Kirloskar Motor, Toyota Motor's Indian subsidiary,
announced on May 7 that it will invest 48 billion rupees ($623.72
million) in decarbonization efforts in India. With the Indian
government working to spread the use of electric vehicles, the
company will focus on making EV parts in the southern state of
Karnataka, where it already has a production facility, it said,
Trend reports citing
The company signed a memorandum of understanding with the
Karnataka state government regarding the new investment. A specific
time frame for the investment and other details were not made
Gasoline vehicles account for the majority of the Indian market,
but the government is trying to increase the percentage of EV sales
to 30% by 2030 because of air pollution and other problems. Prime
Minister Narendra Modi announced in 2021 that the government aims
to achieve net-zero greenhouse gas emissions by 2070.
In March, Toyota Kirloskar Motor said that it had signed a
memorandum of understanding with a government-affiliated agency for
an evaluation of the Mirai fuel cell vehicle in the Indian
environment. However, domestic giants like Tata Motors are leading
in EV sales in India. In the same month, Japanese automaker Suzuki
announced that it would invest about 104.4 billion rupees to
produce EVs and batteries in the western state of Gujarat.
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