Toyota Is Investing To Heavily In India

 

Toyota is going to invest huge sums of money in India. It is learned that the company will invest Rs 48 billion or ৪ 624 million to make components for electric vehicles. The Japanese company wants to reduce carbon emissions to zero by 2050. This information was given in a report of Bloomberg on Sunday (May 7).

 

In a statement, the company said Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts had signed a memorandum of understanding with the southern Indian state of Karnataka to invest Rs 41 billion. The rest will come from Toyota Industries engine India.

 

Vikram Gulati, vice chairman of Toyota Kirloskar, said the direct investment would create 3,500 new jobs. He also said that the supply system is gradually becoming normal.

 

Toyota's main goal is to reduce carbon emissions while India wants to be a manufacturing hub. However, in terms of opportunities, India lags behind other countries like China and the United States.

According to Crisil's forecast, Indian automakers could now earn 20 billion from electric vehicles by FY2028. According to BloombergNEF, by 2040, 53% of new automobile sales in India will be electric. In China, however, the rate will be 6 percent.