For the production of components, the automaker plans to use its existing capacity in the state
Seeking to develop parts for electric vehicles in India, companies in the Toyota carmaker group, including Toyota Kirloskar Motor (TKM), plan to invest about Rs 4,800 in Karnataka in local production of drive parts and other components for electric vehicles.
While TKM and Toyota Kirloskar Auto Parts (TKAP) will invest Rs 4,100, Toyota Industries Engine India will join with another Rs 700.
Both TKM and TKAP have signed a Memorandum of Understanding (MOU) with the Karnataka government in this regard.
The memorandum of understanding was exchanged between Karnataka Chief Minister Basawaraj Bomai and TKM in the presence of Minister of Large and Medium Industries Murugesh R Nirani and senior government officials.
“Toyota Group and TIEI together would make an investment of about ₹ 4,800 kroner. “We are doing this in the spirit of ‘eco-green, local’ and our goal is to contribute to our country’s mission to accelerate carbon reduction and production in India,” TKM Executive Vice President Vikram Gulati told the media.
For the production of components, the automaker plans to use its existing capacity in the state.
“We will focus on both the domestic and the global market. “We are moving to a whole new field of technology, which is the electrified parts of the drive unit,” Gulati said.
The deadline for starting production has not yet been finalized, but the company is looking into the near future.
In addition to stimulating local production, development will also increase employment opportunities and the development of the local community. “We are looking for about 3,500 new jobs. Of course, as the supply chain system is being built, we expect much more to come in later, “Gulati added.
IN Toyota The companies in the group have already invested ₹ 11,812 rupees in the country and currently employ more than 8,000 people.