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(MENAFN- IANS) New Delhi, Aug 26 (IANS) Japanese automaker Suzuki Motor Corporation on Tuesday announced that it will invest Rs 70,000 crore in India over the next five to six years.
The investment will be used to increase production, introduce new car models, and protect its leadership position in the world’s third-largest automobile market.
The announcement was made by Suzuki Motor Corporation President Toshihiro Suzuki during the launch of Maruti Suzuki’s first electric SUV, the ‘e-Vitara’, at the company’s Hansalpur plant in Gujarat.
Prime Minister Narendra Modi flagged off the first batch of the electric SUVs at the inauguration ceremony.
The e-Vitara will be manufactured exclusively at Suzuki Motor Gujarat (SMG), a unit of Maruti Suzuki India, and exported to more than 100 countries.
The first shipment will leave from Pipavav port for Europe, covering markets like the UK, Germany, France, Norway, Italy, and several others.
Suzuki also confirmed that the electric SUV will be exported to Japan.
Toshihiro Suzuki said the Gujarat facility is being developed into one of the world’s largest automobile hubs with a planned capacity of 10 lakh units annually.
“We chose this facility to manufacture our first battery electric vehicle, the e-Vitara, and make it a global production hub,” he said.
Calling it a“historic day” that coincided with Ganesh Chaturthi, Suzuki praised Prime Minister Modi’s leadership in driving India’s green mobility push.
“Suzuki has proudly partnered in India’s mobility journey for over four decades, and we remain committed to supporting India’s vision of sustainable mobility and contributing to Viksit Bharat,” he added.
India is Suzuki’s biggest market by sales and revenue, largely through its majority-owned subsidiary, Maruti Suzuki, the country’s top carmaker.
Over the years, Suzuki has invested more than Rs 1 lakh crore in India, creating over 11 lakh direct jobs in its value chain.
Alongside the e-Vitara launch, the company also marked another milestone by beginning production of India’s first lithium-ion battery and cell with electrode-level localisation.
These batteries, used in hybrid vehicles, will now be made in India with only raw materials and some semiconductor parts imported from Japan.
Suzuki said this step is a strong push towards ‘Atmanirbhar Bharat’, and the company will follow a ‘multi-powertrain strategy’ to meet its carbon neutrality goals.
This includes electric vehicles, strong hybrids, ethanol flex-fuel vehicles, and compressed biogas.
Following the announcement, shares of Maruti Suzuki India Limited were trading higher at Rs 14,608.10, up 1.04 per cent during intra-day trade on Tuesday.
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