Toyota to invest 48bn rupees in Indian EV partsBloombergToyota Group plans to invest 48 billion rupees (US$623.74 million) to make electric vehicle (EV) components in India, as the Japanese automaker works toward carbon neutrality by 2050. Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts signed a memorandum of understanding with the southern state of Karnataka to invest 41 billion rupees, the group said in a statement on Saturday. The remaining 7 billion rupees is to come from Toyota Industries Engine India. “From a direct employment point of view, we are looking at around 3,500 new jobs,” Toyota Kirloskar vice chairman Vikram Gulati told the Press Trust of India. Toyota reported sales of another 8,421 plug-in hybrid and electric vehicles in the first quarter.
