Toyota City, Japan, Nov 17, 2017 - (ACN Newswire) - Toyota Motor Corporation and Suzuki Motor Corporation have concluded a memorandum of understanding (MOU) on moving forward in considering a cooperative structure for introducing electric vehicles (EVs) in the Indian market in around 2020. The agreement stems from the two companies having concluded on February 6 this year a MOU on beginning considerations for business partnership, after which they began discussing, among other topics, the dissemination of vehicle electrification technologies in India.
Specifically, Suzuki is to produce EVs for the Indian market and will supply some to Toyota, while Toyota is to provide technical support. Additionally, Toyota and Suzuki intend to conduct a comprehensive study of activities for the widespread acceptance and popular use of EVs in India. Such activities encompass the establishment of charging stations, human resources development that includes training for after-service technicians employed throughout sales networks, and systems for the appropriate treatment of end-of-life batteries.
Under the leadership of Indian Prime Minister Narendra Modi, India is endeavoring to rapidly promote an automotive transition to EVs. Suzuki has already announced that it intends to construct a lithium-ion battery plant on the grounds of its recently opened automobile plant in the Indian state of Gujarat. As envisioned by the agreement, in addition to lithium-ion batteries, electric motors and other major components would be locally procured for the production of EVs in India, helping the Indian government fulfill its "Make in India" initiative, even in the field of EVs.
About Toyota
Supported by people around the world, Toyota Motor Corporation (TSE: 7203; NYSE: TM), has endeavored since its establishment in 1937 to serve society by creating better products. As of the end of December 2013, Toyota conducts its business worldwide with 52 overseas manufacturing companies in 27 countries and regions. Toyota's vehicles are sold in more than 170 countries and regions. For more information, please visit www.toyota-global.com.
Source: Toyota
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Public Affairs Division Global Communications Department Toyota Motor Corporation Tel: +81-3-3817-9926
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