India is the richest automotive market in South Asia, boasting a variety of automakers including several fully-indigenous companies.
One of the largest auto manufacturers in India, Suzuki Motor has earmarked $1.3 billion to locally manufacture electric vehicles (EVs) and their battery packs.
The announcement came during the agreement signing ceremony held in Gujarat. The Indian and Japanese Prime Ministers also attended the event. The company will begin EV development in 2025 with the aim to accelerate EV manufacturing in the South-Asian region.
Along with a dedicated EV battery manufacturing plant, the automaker will also develop a battery recycling facility. Company president Toshihiro Suzuki stated that “Suzuki’s future mission is to achieve carbon neutrality with small cars.”
Suzuki plans to have India become a foreground for budget-EV development in South Asia, as the country already boasts the presence of several EV manufacturers including Tata Motors, MG Motor, Mahindra, Hyundai, TVS Motor Company, Bajaj Automotive, and others.
According to Mashable, Suzuki has already tested over 50 EV prototypes in India and will launch an entire lineup of EVs in the country soon.