Toyota Kirloskar Motor (TKM) would invest Rs 3300 crore in a new factory and local production. The business will open its third Indian plant in Bidadi, Karnataka, near Bangalore. This progress could lead to more investments and employment creation as the supplier ecosystem grows. It is expected to boost the automaker’s production by 1 lakh units per year by 2026. Toyota’s India production capacity would increase to 4 lakh vehicles with this expansion.
The investment will boost Toyota’s India holdings to about Rs 20,000 crore. The new assembly line will make SUVs on the TNGA-C platform. We know the Toyota Innova Hycross will be made at this new site, but the rest are unknown. Toyota may not be as enthusiastic about EVs in India as other automakers, but those cars are inevitable, and the new facility will likely be able to produce them.
Masakazu Yoshimura, MD and CEO, Toyota Kirloskar Motor said, ‘As a future-ready mobility company, we are certain that today’s significant MoU with the state government of Karnataka for the new plant will positively contribute through consequent employment generation and expand adoption of advanced clean technologies. We will continue to work together with the government to develop a world-class local ecosystem that promotes the best solutions for India by focusing on improving energy security, promoting economic growth, and achieving carbon neutrality.”