Suzuki Motor Corporation, the parent company of Maruti, has announced an investment of ₹10,440 crore in India to bolster its EV game plan.
The investment was confirmed by a Memorandum of Understanding recently signed between Suzuki Motor Corporation and the Gujarat government at the India-Japan Economic Forum in New Delhi.
The investment will help fund the development of an all-new mid-size electric SUV to be built alongside other future products at Suzuki’s Gujarat plant. As part of the MoU, Suzuki will also build a new EV battery production plant near its existing factory in Gujarat. The aim is for the new factory to be operational by 2025.
The first product of this investment will hit the market by 2025. This Indian-made electric SUV will be sold in both Maruti and Toyota models in India and international markets. Maruti’s version of the EV has been codenamed YY8, which will be based on the 27PL platform – a skateboard architecture intended for small electric vehicles, derived from Toyota’s 40PL global platform.
The YY8 and its sister Toyota model will be global products, and exports will be a major consideration for Suzuki and Toyota. As such, these models are likely to make their global debut in Europe around October 2024, before launching in India in the first half of 2025.
An annual production volume of approximately 1.25,000 vehicles for both Maruti Suzuki and Toyota is planned, including 60,000 for the Indian market, 40,000 for Europe and approximately 25,000 for Japan.
SOURCE : www.thehindu.com