Toyota
has set its sights on India as the location for a multi-million dollar EV producing deal with Toyota Kirloskar Motor, a majority Indian-owned Toyota subsidiary. The new deal will fixate on making India a hotspot for EV battery production, taking advantage of low production costs, strengthening India’s supply chain, and helping India to achieve its carbon neutrality goal by the year 2050.
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Just Auto
brings to light the massive $624 million dollar deal that’s going down between Toyota’s headquarters in Japan and their subsidiary, Kirloskar Motor. The new deal isn’t going to build new facilities, but it will utilize manufacturing locations in Karnataka, which is in southern India.Yet another subsidiary will also be spending the same amount in order to expand EV operations in a nearby area. Combined, this is an over $1 billion dollar deal, one of the largest seen yet this year. But what exactly does it spell for the future of Toyota’s EVs in India?
India wants to become carbon neutral by 2050
Part of this push can be explained by a worldwide effort from governments and the car companies within their borders to bounce back from a massacred global supply chain.
This global manufacturing web was damaged by the pandemic. In the chaos of pushing EV development during the pandemic, it seems much of the EV market has been monopolized by China, which, according to South China Morning Post
, has the largest supply of lithium in the world. Lithium is the main component in EV batteries, and India, besides the U.S., is China’s main economic competitor. MORE: Ford Admits Defeat, Announces Closure of Indian Manufacturing Plants
What will be the benefits of Toyota’s expansion?
The new operation underway will create 3,500 new jobs in the Karnataka region, as well as help India start clawing its way toward its carbon-neutral goal, which they hope to reach by the year 2050.
Having a domestic-based EV supply chain that builds both batteries and EV parts will keep costs down and make it easier for Indian citizens to purchase an EV, too.
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