Toyota to locally produce EV components by investing Rs 4,800 crore

Toyota group firms, which also includes Toyota Kirloskar Motor, said on Saturday that they will invest in Karnataka for local production of powertrain parts and other components of electric vehicles to the tune of about Rs 4,800 crore.

Toyota Kirloskar Motor (TKM) along with Toyota Kirloskar Auto Parts (TKAP) will put in Rs 4,100 crore while the remaining amount of RS 700 crore will be pitched in by a related company — Toyota Industries Engine India (TIEI).

TKM and TKAP on Saturday inked a Memorandum of Understanding (MOU) with the Karnataka government in this regard. The announcement coincides with the automaker's 25 years of presence in India.

"Toyota Group and TIEI together would be making an investment of around Rs 4,800 crore. We are doing this in the spirit of 'go green, go local' and our aim is to contribute to our country's mission of faster reduction of carbon emissions and make in India," TKM executive vice president Vikram Gulati said.