Investment for local manufacturing of EV: Suzuki will invest Rs 10,445 crore, electric vehicles and batteries will be ready in Gujarat
Japanese company Suzuki Motor Corporation (SMC) will invest Rs 10,445 crore to expand local manufacturing of electric vehicles (EV) and batteries in India. SMC signed a Memorandum of Understanding with the State of Gujarat in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi at the India-Japan Economic Forum held in New Delhi, India on March 19, 2022.
3100 crores will be invested in Suzuki Motor Gujarat in 2025 to increase the manufacturing capacity for electric vehicles. 7300 crores will be invested to set up a plant to manufacture batteries for electric vehicles in 2026.
Deal done in presence of PM Modi
The deal was done 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 joined the ceremony along with eminent senior government officials from India and Japan.
Expensive EV prices may come down
Currently, the prices of petrol and diesel are skyrocketing. On the other hand, people are seeing electric vehicles as a remedy. Electric vehicles are quite expensive right now as compared to CNG and diesel-petrol. In such a situation, this investment of Suzuki can reduce the prices of expensive EVs. When the EV will be manufactured in India, the competition in the market will also increase. Supply chain will be fine and the cost of vehicles will also be less.
Investment will be made for self-reliant India
Speaking at the forum, Toshihiro Suzuki said that Suzuki’s future mission is to achieve carbon neutrality with smaller cars. He said that we will continue to actively invest in India to realize self-reliant India (self-reliant India).