Suzuki Motors planning to invest Rs 950 crore for EV production in India: As per report

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Japanese media recently reported that the automotive company Suzuki Motors has plants of investing around 950 crore ($1.26 billion) in the Indian market. The investment will be focused on producing electric vehicles and batteries.

Japanese Prime Minister Fumio Kishida is visiting India on Saturday to meet his Indian counterpart, Prime Minister Narendra Modi.

Suzuki`s investment plan will be part of an announcement by Kishida during his trip of plans to invest 5 trillion yen over the next five years in India, according to the Nikkei business daily.

Suzuki has decided to build a new electric vehicle production line in India with the aim of starting operations as early as 2025, Nikkei said, without identifying the source of its report.

A Suzuki Motor spokesperson declined to confirm the reports. In the present scenario, Maruti Suzuki is focused on producing CNG vehicle options in India for their ongoing car models like Celerio and WagonR.

However, Maruti Suzuki's competition in India like Tata Motors, MG, Hyundai and others are a step ahead in selling affordable electric vehicles in the Indian car market like Tata Nexon EV, MG ZS EV among others.

With inputs from Reuters