Toyota to Build EV and Hybrid Vehicle Factory in India

10/10/2024 - 13:47 Toyota,   IAB Team
As per a media report, Toyota is gearing up to expand its electric vehicle footprint in India, with plans to build a new EV factory in Maharashtra. Through its local joint venture, Toyota Kirloskar Motor (TKM), the automaker has reportedly secured 335 hectares of land for the project.

ArraySet to begin operations by January 2026, the facility is expected to produce 400,000 electric and hybrid vehicles annually. This massive venture will bring significant employment opportunities, creating 8,000 direct jobs and 18,000 indirect jobs. The estimated investment stands at around €2.17 billion, underscoring Toyota's commitment to the growing EV market in India.

Talking about Toyota's investments, the firm is also set to invest an additional $500 million in Joby Aviation, a company specializing in electric air taxis for commercial passenger service. This funding will help Joby achieve certification and begin large-scale production of its electric air taxi, advancing both companies' shared vision of air mobility.

Also read: Toyota's Upcoming EV to Rival Tesla's Autonomous Driving

The investment will be made in two equal installments, pending regulatory approvals, completion of agreements, and a strategic alliance focused on commercial manufacturing. Once finalized, Toyota’s total investment in Joby will reach $894 million, with the first tranche expected to close later this year and the second in 2025.

Source

More from Toyota

पसंदीदा खबरें

Most Viewed

Subscribe to our daily newsletter