Suzuki to invest Rs 10,445 crore to manufacture EV, its batteries in Gujarat locally

Suzuki Motor Corporation stated that the goal is to reach carbon neutrality with small cars in the future.

Japanese automaker Suzuki Motor Corporation (SMC) on Sunday declared its plans to invest 150 billion yen or over 10,445 crores for the locally manufacturing Electric Vehicles and Electric Vehicle batteries in Gujarat.

For the same, the company has signed the memorandum of understanding (MoU) with the Gujarat government, SMC declared on Sunday. 

The MOU was signed on March 19, 2022, following the company's announcement at the Indian-Japan Economic Forum held in New Delhi. The Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi were also present. 

As part of the MoU, SMC's entirely owned Suzuki Motor Gujarat Pvt Ltd (SMG) would invest Rs 7,300 crore for the construction of a battery plant near SMG's automobile manufacturing unit by 2026. According to the firm, SMG plans to invest an additional Rs 3,100 crore to increase EV production capacity by 2025. By 2025, another company in the group, Maruti Suzuki Toyota India Pvt Ltd, would invest Rs 45 crore to develop a car recycling factory.

While talking at the forum, Toshihiro Suzuki, SMC representative director and president, stated that Suzuki's future mission is to achieve carbon neutrality with small cars. 

In the company statement, he was quoted as stating that he will continue active investment in India to realise self-reliant India (Atma-Nirbhar Bharat).