Toyota Kirloskar Motor has announced a Rs 3,300 crore investment in a new plant in Karnataka. This move marks their 25th anniversary in India, and is set to increase their production capacity by 100,000 units per year.
According to Toyota, This will be its third manufacturing unit in the Bidadi area and is expected to create around 2,000 jobs.
Partnership with the Karnataka Government
The company has partnered with the Karnataka government to enhance the state's manufacturing capabilities. According to the company's statement, the partnership boosts Toyota's production and aligns with the state's vision for a leading role in the electric vehicle market.
“Karnataka, as the pioneer in releasing a dedicated EV policy in 2017, updated in 2021, stands as the leader in attracting investments of Rs 25,000 crore, spanning the entire EV value chain. With approximately 2 Lakh EVs registered in the State, Karnataka is steadfast in reshaping the mobility landscape, M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka.
Establishing a clean mobility policy
Furthermore, the Government is coming up with a new clean mobility policy that aims to position Karnataka as the premier destination for Electric Vehicle (EV) manufacturing, spanning the entire value chain from battery and cell manufacturing, component production, original equipment manufacturers, charging and testing infrastructure, to research and development.
With this, the government aims to attract investments of Rs 50,000 crore across the entire EV value chain, generating approximately 100,000 new jobs, and establishing a comprehensive and supportive EV ecosystem in the State”, Shri Patil added.
The investment is set to spur economic growth in the region through job creation and the development of the local supplier ecosystem. Karnataka's minister highlighted the state's ambition to attract more investments and job opportunities in the EV sector.