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Japan’s Suzuki Motor Corp. said Sunday that it will invest ¥150 billion to make electric vehicles and batteries in India to support the country’s decarbonization efforts.
Suzuki made the announcement on Saturday after Prime Minister Fumio Kishida, who is in India, unveiled a plan for the Japanese public and private sectors to invest ¥5 trillion over the coming five years in the South Asian country.
Through its investment, Suzuki will expand its vehicle plant in the Indian state of Gujarat so that it can also make electric vehicles and will establish an electric vehicle battery factory next to the vehicle plant.
In Gujarat, the company expects to start making electric vehicles in 2025 and batteries in 2026. Its investment will also be used to build a vehicle recycling plant in India, slated to begin operating in 2025.
Suzuki controls more than 40% of India’s passenger car market. In its five-year business plan from fiscal 2021, the company aims to promote vehicle electrification and raise the market share to 50% in India.
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