Tokyo March 20 2022: Pak Suzuki Motors Company Limited (PSMC) could be the next as Suzuki Motor plans to invest 104.4 billion rupees ($1.37 billion) in its India factory to produce electric vehicles (EVs) and batteries, Maruti Suzuki India (MRTI.NS), majority-owned by the Japanese carmaker, said on Sunday.
It is the first major EV plan announced by Maruti Suzuki for India in a bid to align itself with a national strategy to reduce oil dependence and cut debilitating air pollution in major cities.
PSMC did not disburse cash payout for its investor since December 2018 despite earning strong profitability. However, PSMC increased its cash position to PKR 31.3 billion as of September 2021 compared with PKR 17.8 billion on December 2020.
Toyota Indus Motor Company (INDU) was the first Pakistani local Auto manufacturer to start begun upgrading its production plant for the local assembly of Hybrid Electric Vehicles (HEVs) in Pakistan.
Japanese Prime Minister Fumio Kishida, visiting his Indian counterpart, Narendra Modi, on Saturday announced $42 billion of investment in India over the next five years.
Suzuki Motor Gujarat Private will invest 31 billion rupees by 2025 for increasing production capacity for battery EV manufacturing and 73 billion rupees for construction of plant vehicle batteries, the company said.
“Suzuki's future mission is to achieve carbon neutrality with small cars,” said Suzuki Motor president Toshihiro Suzuki.
Tata Motors (TAMO.NS) is the largest seller of electric cars in India, with rival Mahindra & Mahindra (MAHM.NS) and motor-bike maker TVS Motor (TVSM.NS) firming up their EV plans.