- Toyota to invest Rs 4,800 crore
- Investments are focused on greener technologies
The Toyota Group of Companies (constituting Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts) has signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest Rs 4,800 crore.
The investments from Toyota are aimed at promoting greener technologies that will help reduce dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby catering to the electrified vehicle manufacturing in India. The company is currently testing the new Innova, which could come with a hybrid powertrain, details of which are available here.
Speaking on this occasion, Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, said, “Toyota is committed to enhancing the pace of electrification and strengthening domestic production with ‘Make in India’. The MoU signing with the Government of Karnataka, in the gracious presence of Honourable Chief Minister Basavaraj Bommaiji and all dignitaries, 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. I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in-vehicle mobility space. As a part of our philosophy, we always conduct deeper studies, analyse and explore multiple technological pathways that are best suited to optimally achieve the national goals of lowering dependence on fossil fuels, making India truly self-reliant, reducing carbon emissions, and creating jobs. Toyota remains committed to serving our nation and the community where we operate.”
