Toyota plans to make India a manufacturing hub for EV components to meet the demand here as well as for export to Japan and some ASEAN countries.
A senior company official told Reuters that Toyota Motor Corp plans to make India a manufacturing hub for electric vehicle parts as well as export to Japan and some ASEAN countries.
Vikram Gulati, executive vice president of Toyota Kirloskar Motor, said the carmaker plans to start producing e-drive or electric powertrain parts to be used by various electric vehicle types, including battery EVs, plug-in hybrids and other hybrid models. .
“The aspiration is to make India a manufacturing hub for clean technologies. It is about building the building blocks,” Gulati told Reuters.
He did not name the countries in ASEAN, or the Association of Southeast Asian Nations, to which Toyota would export.
The move follows the company’s recent announcement that it will invest 48 billion rupees ($621 million) in India to localize the supply chain for EVs, and is also part of its broader 2050 carbon-neutral goals.
It also comes as Prime Minister Narendra Modi’s government is offering billions of dollars in incentives to companies to manufacture EVs and their parts locally.
The company on Saturday said most of the investments in India will be made by Toyota’s local arm Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP), a joint venture between Toyota Motor Corp, Aisin Seki Company and Kirloskar Systems.
The world’s largest carmaker said in December that it plans to invest $70 billion to electrify its automobiles by 2030, including developing battery EVs as it works with global automakers for cleaner vehicles. invests billions of dollars in change.
In India, however, Toyota is focusing more on launching its hybrid model first, which it believes is better suited to the country’s objective of reducing dependence on fossil fuels and carbon emissions.
Gulati said it will also cater to individual consumer needs and enable a “rapid transition towards an electrified future”.
Gulati said building up the supply chain early will help Toyota become competitive in terms of volume and price in India.
Toyota hopes this will enable a “faster and easier” transition to electric-vehicle technology for the Indian auto industry.
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