Suzuki Motor powers electric vehicle (EV) rush in India with INR 10,440 crore (USD 1.37 Billion) investment
- Published | 29 March 2022
India's electric cars market has attracted the automakers such as Tata Motors, Hyundai, Mahindra, and India's most significant car manufacturer Maruti. 40 years after it revolutionized personnel travel in the country, the company is set to charge up India's EV market. Coinciding with the visit of Japanese Prime Minister Fumio Kishida to Delhi, Suzuki announced a INR 10,440 Crore or USD 1.37 Billion investment to build a new electric car and battery factory in India. The Japanese automaker plans to invest about INR 3,000 crore or USD 395.0 Million in a new plant to enhance electric vehicle production in India and INR 7,300 crore or USD 961.0 Million in electric battery manufacturing. The Maruti electric cars will roll off the assembly lines in 2 years.
The new plant will be built near Suzuki's existing operation in Gujarat. Suzuki Motor Gujarat (SMG), a wholly-owned subsidiary of Suzuki Motor Corporation, operates the plant and supplies Maruti. It added a new production line, bringing its yearly output to 750,000 pieces. Suzuki has previously constructed a Lithium-Ion battery pack production factory at Hansalpur, Gujarat, collaborating with Japanese businesses Denso Corp and Toshiba. Manufacturing is expected to begin this year. Lithium cells are regarded as the heart of an electric vehicle, and most EV manufacturers now source batteries and cells from China, the world's largest supplier of Li-ion cells.
One of the first electric offerings is likely to be an SUV slightly larger than the Hyundai Creta. The car is expected to develop in tandem with Toyota and is expected to hit India by 2025. Sources say that the car will be manufactured at Maruti's Gujrat plant and will be fitted with India made battery packs. Importantly India is likely to focus on its core customer base, buying small affordable cars even if it enters the electric vehicle market. Maruti is expected to launch an entire ecosystem to support those driving system electric vehicles. This includes charging stations, battery repair shops, and electric vehicle workshops.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662