Toyota plans to produce EV components in India, considers ₹4,800 crore investment
Toyota group firms, including Toyota Kirloskar Motor, on Saturday, said they will invest about Rs 4,800 crore in Karnataka for local production of powertrain parts and other components of electric vehicles. Toyota Kirloskar Motor (TKM) along with Toyota Kirloskar Auto Parts (TKAP) will put in Rs 4,100 crore while a related company — Toyota Industries Engine India (TIEI)– will pitch in with another Rs 700 crore.
TKM and TKAP on Saturday inked a Memorandum of Understanding (MOU) with the Karnataka government in this regard. The announcement coincides with the automaker’s 25 years of presence in India.
“Toyota Group and TIEI together would be making an investment of around Rs 4,800 crore. We are doing this in the spirit of ‘go green, go local’ and our aim is to contribute to our country’s mission of faster reduction of carbon emissions and make in India," TKM executive vice president Vikram Gulati told.