India has a large car market in South Asia, with many car companies competing in the market. Suzuki Motor, one of India’s leading automobile manufacturers, is planning another significant investment. It is also a new step in the electric car market, which is gaining traction in a number of countries. Suzuki will manufacture rechargeable batteries in India in addition to electric vehicles. The announcement comes during a deal in Gujarat, where investment is expected to total $1.3 billion.
The meeting was addressed by the Prime Ministers of India and Japan. The corporation intends to begin production in 2025 in order to accelerate the production of electric vehicles in South Asia. There are numerous automobile manufacturers in India, including Tata Motors, MG Motor, Mahindra, Hyundai TVS Motor Company, and Bajaj Automotive. Suzuki has moved quickly to become a market leader in India’s electric vehicle market.
In addition to a battery factory, the company intends to recycle old batteries. ‘The ultimate goal of Suzuki is to completely eliminate carbon emissions in small cars,’ said Toshihiro Suzuki, President of Suzuki. Suzuki has evaluated up to 50 prototype electric cars in India, according to Mashable, and will soon unveil a full range of models. By 2030, India hopes to account for 30% of all new car sales. Suzuki currently holds a 59 percent market share in India.
In addition, the company is collaborating with Denso, an auto parts manufacturer in India, to construct a plant that will manufacture rechargeable batteries. Suzuki’s announcement comes as Tesla postpones its entry into India’s electric vehicle market due to a tax dispute. Elon Musk has yet to make a public statement about Tesla in India.
It will also collaborate with Maruti Suzuki Toyotsu to manufacture electric vehicle batteries near the Gujarat plant. A battery recycling project could be started here. As a result, Suzuki electric vehicles are gaining popularity in South Asia.