New Delhi: Suzuki Motor, the parent of India’s largest automaker Maruti Suzuki, announced that it would invest Rs10440 crore to build a new electric car and battery factory in India. Maruti Suzuki, which sells one in every two cars on Indian roads, is expecting to roll out affordable EV models in both Japan and India as early as 2025.
The Japanese automaker intends to invest around Rs 3,000 crore for the new plant to increase production of electric vehicles in India, and Rs 7,300 crore to manufacture electric batteries. Sunday’s announcement is the first firm commitment on electrification by India’s largest carmaker, which has maintained that the Indian market isn’t ready for EV sales yet.
Maruti’s rivals, such as Hyundai and Tata Motors, have announced elaborate plans for electrification of their products. Sales of four-wheel EVs jumped in India in FY21, the impact of the pandemic notwithstanding.