Toyota Motor Corporation is planning to make India its manufacturing hub for electric vehicle (EV) parts. This tactic is a part of Toyota’s aim to expand its presence in the Southeast Asian EV market.
Executive Vice President of Toyota Kirloskar Motor Vikram Gulati told Reuters that the automaker seeks to produce various EV powertrain and e-drive components in India and export them to other major EV markets. He added that the company will manufacture parts for its pure electric, as well as hybrid vehicles.
Gulati highlighted that not only will this strategy benefit the company but will aid in the development of the Indian EV market. He added that Toyota’s presence in India as an EV parts maker will help the country’s transition to environmentally friendly vehicles.
Toyota also announced recently that it will invest Rs. 48 billion (Indian) to localize its EV manufacturing and supply chain as a part of its greater carbon-neutrality vision.
India is quickly covering ground towards establishing a massive EV market. Toyota’s upcoming venture will add more momentum to this endeavor.