Toyota Motor Corp intends to make India a manufacturing hub for electric automotive components to fulfill domestic demand and export to Japan and several ASEAN nations.
According to Vikram Gulati, executive VP of Toyota Kirloskar Motor, the company wants to begin by making e-drives, or electric powertrain parts, which are utilized in various electric vehicles, including battery electric vehicles, plug-in hybrids, and other hybrid models.
“The goal is for India to become a manufacturing center for greener technology. It’s all about laying the foundation” Reuters spoke with Gulati.
He didn’t mention which ASEAN nations or countries of the Association of Southeast Asian Nations will be served by Toyota.
The decision comes in the wake of the company’s recent comment that it will invest 48 billion rupees (USD 621 million) in India for localization of the electric vehicle supply chain, as well as its larger 2050 carbon-neutrality ambitions.
It also appears to come as Indian Prime Minister Narendra Modi’s ministry offers businesses billions of dollars in incentives to manufacture electric vehicles and their components in India.
Toyota’s local business, Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP), a joint venture of Toyota Motor Corp, Aisin Seiki Co, and Kirloskar Systems, would make the majority of the investment in India, the corporation announced on Saturday.
Toyota, on the other hand, is focusing on introducing its hybrid vehicles first in India, believing that they are better suited to the country’s goal of reducing fossil fuel consumption and carbon emissions.
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