The EV industry in India is growing rapidly and now the Japanese giant Suzuki Motor Corporation has announced a big bet in the country. The company’s President Toshihiro Suzuki has announced today that Suzuki will invest Rs 70,000 crore in India in the coming five to six years. The announcement was made during the ceremony held at Hansalpur plant in Gujarat, where Prime Minister Narendra Modi flagged off Suzuki’s first electric car E-Vitara SUV.
Where will invest?
Toshihiro Suzuki said that this Rs 70,000 crore will be invested in three sectors. This will be spent in increasing investment production capacity, in the launch of new models and electric vehicles and strengthening its share in the Indian market. This investment will not only strengthen the electric vehicle ecosystem, but India will move towards becoming one of the largest EV hub in the world.
Lithium-ion battery production starts
Toshihiro Suzuki also said that the company has started production of lithium-ion battery cells for hybrid cars. These steps will further strengthen the ecosystem of electric and hybrid vehicles in India.
India Suzuki’s largest market
India is the largest market for Suzuki Motor Corporation. In both sales and revenue cases, India is overtaking Japan. This is the reason that the company is constantly emphasizing its investment and production here.
Maruti Suzuki shares rise
The impact of Suzuki’s big investment and the launch of the first electric car E-Vitara is being seen on the company’s shares. Maruti shares rose by Rs 149.95 to Rs 14,608.10 at 12.8 pm.
e-vitara export
Suzuki plans that E-Vitara electric SUVs to be built from Gujarat plant will be exported to 100 countries. With this, India will move towards becoming EV hub not only at the domestic market but also at the international level.