Large-scale manufacturing of Toyota EV powertrains and components will begin in India, after the automaker reached an agreement with the Government of the south-western Indian state of Karnataka.
Toyota will invest US$624 million into new manufacturing facilities that the company says will help make India a self-reliant EV manufacturing hub.
“Today’s MoU signing with the Government of Karnataka is a very important milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation,” said Toyota Kirloskar Motors’ Vice President, Vikram S. Kirloskar in a statement.
“I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space.”
It’s expected the new manufacturing facilities will create 3,500 new jobs in Karnataka and will being operating in 2023.