The Toyota Group of Companies, which consists of Toyota Kirloskar Motor and Toyota Kirloskar Auto parts, have struck a deal and signed an MoU with the Government of Karnataka, which states that they are going to invest upwards of Rs 4100 crores. With this investment, Toyota aims to enable local production facilities to build electric powertrain parts and components, thereby catering to the electrified vehicle manufacturing in India. Furthermore, as a part of the Toyota Environmental Challenge 2050, Toyota will continue to focus on reducing carbon emissions in a holistic manner going beyond tailpipe emissions to address manufacturing and lifecycle CO2 emissions in order to realise its carbon neutrality goals by 2050 as announced earlier.
Under this new development, Toyota aims to provide more employment within the locality and also build on the local community development. In addition, this investment will also spur the growth of the local supplier base and hence result in higher investments and further job creation.
The MoU was exchanged between Hon’ble Chief Minister of Karnataka Shri Basavaraj Bommai and Mr Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Dr Murugesh R. Nirani, Hon’ble Minister of Large & Medium Industries, Government of Karnataka, Mr Ravi Kumar, IAS, Chief Secretary of Karnataka State, and among other dignitaries present at this momentous occasion of MoU Signing Ceremony.
Speaking on this occasion, Mr Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, said, “Toyota is committed to enhancing the pace of electrification strengthen domestic production with ‘Make in India’. Today’s MoU signing with the Government of Karnataka, in the gracious presence of Hon’ble Chief Minister Basavaraj Bommaiji and all dignitaries, is a very important milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation. I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space.