Toyota accelerates EV push with Indian factory
Toyota is poised to significantly ramp up its electric vehicle (EV) production in India. The automotive giant has reportedly secured land in the state of Maharashtra to construct a new manufacturing facility dedicated to producing both electric and hybrid vehicles. This move is expected to strengthen Toyota’s position in the rapidly growing Indian EV market and bolster its global efforts to transition towards sustainable mobility.
Through its local joint venture, Toyota Kirloskar Motor, the company has taken a strategic step towards establishing a strong manufacturing base in India. This investment aligns with the Indian government’s ambitious plans to promote electric vehicles and reduce carbon emissions.
Boosting Jobs and Investment: Toyota’s EV Factory in India
A senior official from the Delhi-Mumbai Industrial Corridor (DMIC) has revealed that the EV factory is anticipated to generate 8,000 direct jobs. This figure represents a significant boost to employment opportunities in the region. Moreover, the project is expected to have a ripple effect on the local economy, creating an additional 18,000 indirect jobs in related industries and services.
Land Acquisition and Investment
To accommodate this major industrial undertaking, Toyota has acquired a substantial piece of land, spanning 335 hectares. This extensive area will provide ample space for the construction of modern manufacturing facilities, supporting infrastructure, and other necessary amenities.
The estimated investment volume for the project’s implementation is approximately €2.17 billion. This substantial financial commitment demonstrates Toyota’s unwavering confidence in India’s EV market and its potential for growth.
