Friday, September 22, 2023

Toyota India Investment Raised By Rs 4800 Crores – For Hybrid Powertrain

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In its effort to contribute to the country’s vision of “Make in India” and to enable a faster reduction in carbon emissions, out of total investment of INR 4,800 crores, Toyota Group of Companies that constitutes of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts today announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest INR 4,100 crores. This announcement coincides with Toyota Kirloskar Motor’s 25 years of successful journey in India, by winning the hearts of millions of happy customers.

In-addition to boosting the local manufacturing eco-system, the new development will provide an impetus to employment generation and local community development. This investment will also spur the growth of local supplier base and hence result in higher investments and further job creation.

The MoU was exchanged between Hon’ble Chief Minister of Karnataka Shri Basavaraj Bommai and Mr. Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Dr. Murugesh R. Nirani, Hon’ble Minister of Large & Medium Industries, Government of Karnataka, Mr. Ravi Kumar, IAS, Chief Secretary of Karnataka State, and among other dignitaries present at this momentous occasion of MoU Signing Ceremony.

As part of the MoU, Toyota Group of Companies will systematically invest towards making India a self-reliant manufacturing hub, thus contributing towards the Government’s Make in India and Atma Nirbhar Bharat mission. The investments are aimed at promoting greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby cater to the electrified vehicle manufacturing in India. As a part of the Toyota Environmental Challenge 2050, Toyota will continue to focus on reducing carbon emissions in a holistic manner going beyond tailpipe emissions to address manufacturing and lifecycle CO2 emissions in order to realise its carbon neutrality goals by 2050, as announced earlier.

Since its inception, Toyota has been passionate and committed to build a stable, sustainable, and competitive local supply chain and has taken significant efforts in promoting localization of auto parts and components in line with Government’s ‘Make in India’ mission. The Group has invested in strengthening and increasing supplier base through consistently partnering with them to enhance their capacities and capabilities by sharing Toyota best practices, efficient processes and skilling of manpower, by imparting world-class training program to enhance the production excellence with high quality standards.

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On upscaling the skill levels at suppliers, Toyota spent 40,000 man-hours every year to enhance processes through system, management, training, and hardware development. Further, another 8,500 man-hours are spent per year on suppliers’ people development.

Toyota believes that the choice of technologies for achieving our national goals should be practical, sustainable, best suited for unique local conditions that helps to realise the transition in the fastest possible manner. Thus, while our long-term decisions are shaped by our Global environment challenge of achieving zero carbon emissions by 2050, our immediate technology decisions are influenced by our desire to achieve maximum immediate societal & environmental benefits, which in turn is largely determined by, the local energy mix of the country, infrastructure readiness as well as customer acceptance in line with our belief of ‘Leave No One Behind’.

These companies have so far invested Rs. 11,812 crores and employ more than 8,000 people. Over the years, the group has consciously adopted sustainable business practices and transforming from a carmaker to a mobility company. Toyota believes in holistic approach and aims to strongly contribute to the State and country’s sustainable growth, as we are stepping into the greener future. Toyota is confident in creating an electrified manufacturing hub in India, thereby achieve our goal of delivering ‘Mass Happiness to All’.

Mohit Soni
Mohit Soni
NOT A Commander, Director, Editor-In-This/ That, CEO, MD, President, Entrepreneur, etc etc. Just a first employee at Thrust Zone with a team of enthusiasts who love car and motorcycles more than anything else in the world, just like I do. Hashtag blessed

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