New Delhi/Tokyo– Global automobile majors Toyota Motor Corporation and Suzuki Motor Corporation will join hands to produce electric vehicles (EVs) for the India market by 2020.

On Friday, both Toyota and Suzuki said they have concluded a memorandum of understanding (MoU) on the “cooperative structure for introducing EVs in the Indian market around 2020”.

“The agreement stems from the two companies having concluded on February 6 this year an MOU on beginning considerations for business partnership, after which they began discussing, among other topics, the dissemination of vehicle electrification technologies in India,” a joint statement said.

According to the joint statement, Suzuki will be tasked under the MoU to produce EVs for the Indian market and will supply some to Toyota, while Toyota is to provide technical support.

“Additionally, Toyota and Suzuki intend to conduct a comprehensive study of activities for the widespread acceptance and popular use of EVs in India,” the statement said.

“Such activities encompass the establishment of charging stations, human resources development that includes training for after-service technicians employed throughout sales networks, and systems for the appropriate treatment of end-of-life batteries.”

The automobile majors observed that under “the leadership of Indian Prime Minister Narendra Modi”, India is endeavouring to rapidly promote an automotive transition to EVs.

“Suzuki has already announced that it intends to construct a lithium-ion battery plant on the grounds of its recently opened automobile plant in the Indian state of Gujarat,” the statement said.

“As envisioned by the agreement, in addition to lithium-ion batteries, electric motors and other major components would be locally procured for the production of EVs in India, helping the Indian government fulfill its Make in India initiative, even in the field of EVs.” (IANS)

IndUS Business Journal

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