Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts signed an MoU with the southern state of Karnataka to invest Rs 41 billion, the group said in a statement on Saturday. The rest will come from Toyota Industries Engine India.
Toyota is aligning its own green goals with India’s ambitions to become a manufacturing hub, although the switch to clean transportation in the South Asian nation is slow compared to other countries such as China and the US, thanks to expensive price tags, electric models. Lack of options in the U.S. and inadequate charging stations have slowed the adoption of battery vehicles in India.
Vikram Gulati, Vice Chairman, Toyota Kirloskar told Press Trust of India in an interview, “From a direct employment point of view, we are looking for around 3,500 new jobs.” “We expect more to come later as the supply chain system builds up.”
India’s EV sales doubled, led by battery powered scooters
According to the forecast of Crisil, Indian automakers can generate $20 billion in revenue from electric vehicles between now and fiscal year 2026. According to BloombergNEF, by 2040, 53% of new automobile sales in India will be electric compared to 77% in China.
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