Japanese automaker Suzuki Motor Corporation is set to invest around 150 billion yen ($1.2 billion) by 2026 to manufacture electric vehicles lithium-ion batteries in Gujarat, India.
The company signed a memorandum of understanding (MoU) with the Gujarat government on 19 March.
The MoU was signed at India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese prime Minister Fumio Kishida and Indian prime minister Narendra Modi.
Speaking at the forum, Suzuki Motor Corporation representative director and president Toshihiro Suzuki said; “Suzuki’s future mission is to achieve carbon neutrality with small cars,” reported Indian newspaper The Tribune.
The report added that under the MoU, the company’s wholly-owned arm Suzuki Motor Gujarat would invest Rs 7,300 crore ($958 million) for the construction of a plant for BEV batteries next to its existing plant by 2026.
