The Toyota Group Of Companies, comprising Toyota Kirloskar Motor (TKM), Toyota Kirloskar Auto Parts (TKAP) and Toyota Industries Engines India Private Limited (TIEI), have committed themselves to an investment of Rs 4800 crore in Karnataka and signed a Memorandum of Understanding (MoU) with it. The investments are aimed at promoting greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby cater to the electrified vehicle manufacturing in India.
Out of the Rs 4800 crore investment, TKM and TKAP will contribute an investment of Rs 4100 crore. Toyota Industries Engine India (TIEI) will pitch in with another Rs 700 crore. This announcement coincides with Toyota Kirloskar Motor's 25 years celebration in India.
Toyota looking at exports too
In-addition to boosting the local manufacturing eco-system, the new development will provide an impetus to employment generation and local community development, the company said in a statement.
As a part of the Toyota Environmental Challenge 2050, Toyota said it will continue to focus on reducing carbon emissions in a holistic manner going beyond tailpipe emissions to address manufacturing and lifecycle CO2 emissions. Toyota Group, it may be recalled, has committed itself to carbon neutrality goal by 2050.
Chief Minister of Karnataka, Basavaraj Bommai, said, "we want to make Karnataka a global supply-chain and manufacturing hub under our ‘Build for the World’ mission. This MoU with Toyota Group of Companies is a huge stride in this regard, and Karnataka Government is confident of Toyota’s commitment towards sustainable growth and local manufacturing quality. Karnataka being the hub of electric vehicles, welcomes this MoU which adds another feather to State’s cap as leader in this sector".
Vikram S Kirloskar, Vice-Chairman, Toyota Kirloskar Motor said, "Toyota is committed to enhance the pace of electrification and strengthening domestic production. He addeed that the MoU 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.
For the record, the Toyota Group and Maruti Suzuki have already signed an MoU for co-developing electric vehicles for the Indian market. The two companies are reportedly working on an electric SUV which is expected to offer a range of up to 500 km.
Toyota has meanwhile launched the world's most advanced Green Hydrogen Fuel Cell Electric Vehicle (FCEV), the Toyota Mirai, in India.
