Suzuki Motor Corporation (SMC), a Japanese automaker, stated on Sunday that it will spend Rs 10,440 crore (about 150 billion yen) in India to build electric cars (EVs) and batteries.
“Suzuki Motor Corporation (SMC) inked a Memorandum of Understanding (MOU) with the Gujarat State Government in India to spend approximately 150 billion yen (roughly 104.4 billion rupees) in domestic production of electric cars (BEV) and BEV batteries,” the firm stated in a statement.
On Saturday, March 19, SMC signed an MoU with the state of Gujarat during the India-Japan Economic Forum in New Delhi, in the company of Japanese Prime Minister Fumio Kishida and Prime Minister Narendra Modi.
Toshihiro Suzuki stated during the Forum, “Suzuki’s future objective is to achieve carbon neutrality with tiny cars.” “We will continue to invest actively in India to achieve Self-reliant India (Atma-nirbhar Bharat),” he continued.
As part of the growth of their bilateral partnership, India and Japan announced cooperation in the fields of electric vehicles, storage systems, including batteries, charging stations, and solar energy development on Saturday.
The two countries agreed to collaborate in sectors such as electric vehicles, storage systems including batteries, electric vehicle charging infrastructure, solar energy development, hydrogen and ammonia, and so on as part of their Clean Energy Partnership (CEP).
“The goal is to boost manufacturing in India, as well as the development of durable and trustworthy supply chains in these areas, as well as to foster collaboration in R&D. It will be executed using the existing Energy Dialogue process “According to a joint statement.
Following meetings between Modi and Kishida, Japan set a five trillion yen (Rs 3,20,000 crore) investment target in India over the next five years on Saturday.