Toyota will invest Rs 4800 crore in India to develop electric vehicle component

Toyota Kirloskar Motor (TKM), Toyota Kirloskar Auto Parts (TKAP), and Toyota Industries Engines India Private Limited (TIEI) have committed to an investment of Rs 4800 crore in Karnataka and have signed a Memorandum of Understanding (MoU) with the state.

The funds will be used to promote greener technology that will help reduce reliance on fossil fuels while also reducing carbon emissions.

This investment will also allow indigenous manufacturing facilities to produce electric powertrain parts and components, allowing India to compete in the electrified vehicle market.

TKM and TKAP will contribute Rs 4100 crore to the total investment of Rs 4800 crore. TIEI, Toyota Industries Engine India