Toyota Signs MoU With Government Of Karnataka To Make EV Components

The Toyota Group Of Companies has announced signing a Memorandum of Understanding with the Government of Karnataka to invest Rs. 4,800 crores. Out of this Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts will invest about Rs. 4100 crore. The announcement coincides with Toyota Kirloskar Motor's 25 years celebration in India. The investments are aimed at promoting greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby catering to electrified vehicle manufacturing in India. The investment will be used to boost the local manufacturing ecosystem, as well as provide more generate employment opportunities locally. The investment will also spur the growth of the local supplier base and hence result in higher investments and further job creation, the automaker said.