Suzuki Motor Corporation, the parent company of Maruti, has confirmed an investment of Rs 10,440 crore in India to strengthen its EV gameplan. As we had reported recently, Suzuki will roll out its first all-electric SUV built at its Gujarat plant by 2025. This made-in-India electric SUV will be sold as a Maruti as well as a Toyota model in India, along with international markets.
- Investment of Rs 10,440 crore to be used for EV and EV battery development
- Target is to produce 1,25,000 EVs at the Gujarat plant
- First made-in-India Maruti electric SUV to roll out by 2025
The investment was confirmed through a Memorandum of Understanding signed between Suzuki Motor Corporation and the Gujarat government at the ongoing India-Japan Economic Forum at New Delhi. Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida were also present at the event.
Suzuki to build new EV battery factory in Gujarat
As part of the MoU, Suzuki will also build a new factory for the manufacturing of EV batteries near its existing plant in Gujarat. It aims for the new factory to be up and running by 2025.
Maruti Suzuki-Toyota’s first EV for India to be a mid-size SUV
As we had reported earlier, the first product of this investment in our market will be a mid-size SUV that will even be larger than the Hyundai Creta. Maruti’s version of the EV has been codenamed YY8, which will be based on the 27PL platform – a skateboard architecture meant for small electric vehicles, derived from Toyota’s 40PL global platform. Toyota will also launch its own equivalent of the all-electric model.
Maruti-Suzuki Toyota EVs to be exported from India
Notably, the YY8 and its sister model will be global products, and exports will be a major consideration for Suzuki and Toyota. As such, these models are likely to make their global debut in Europe around October 2024, before launching in India in the first half of 2025.
An annual production volume of around 1,25,000 cars for both Maruti Suzuki and Toyota is being planned, of which 60,000 is for the Indian market, 40,000 for Europe and around 25,000 for Japan.