Toyota Announces Rs 3,300 Crore Investment for Future-Ready Plant in India

• ByStartupStory     |    November 22, 2023

Japanese carmaker Toyota is set to invest Rs 3,300 crore in a new factory in India, located at its existing facility in Bidadi, near Bangalore. This will bring Toyota’s cumulative investments in the country to nearly Rs 20,000 crore. The new plant, expected to be operational by 2026, will add a fresh capacity of one lakh units, producing models that span across different fuel technologies. Toyota Kirloskar Motor (TKM) Executive Vice President & Country Head Vikram Gulati stated that the plant will be ‘future-ready,’ suggesting flexibility for new technology vehicles, including electric vehicles.

Gulati emphasized that Toyota is well-prepared for various powertrains, stating, “I’m sure the new plant is going to be much more advanced and much more future-ready.” The third plant is expected to create 2,000 jobs, supplementing the current 11,200-strong workforce across the existing two plants.

Toyota has signed a memorandum of understanding with the Karnataka government for this fresh investment, marking its 25th year of operations in India. TKM Managing Director and CEO Masakazu Yoshimura expressed confidence that the new plant’s significant contribution would lead to employment generation and the adoption of advanced clean technologies.

Last year, Toyota group firms, including TKM and Toyota Kirloskar Auto Parts, had signed an MoU with the Karnataka government to invest Rs 4,100 crore, focusing on electrification, a rapid shift towards greener technologies, and a deeper cut in CO2 emissions. Toyota has invested a total of Rs 16,000 crore in India on various activities. Toyota CEO Asia Region Masahiko Maeda emphasized the importance of the Indian market, expressing confidence that the new investments would further elevate TKM’s role in Toyota’s global vision for sustainable mobility solutions.

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