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Toyota to Invest an Additional 4,800 Crore in Karnataka

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Toyota to Invest an Additional 4,800 Crore in Karnataka
09 May 2022
5 min read

News Synopsis

The Toyota Group has signed a Memorandum of Understanding (MoU) with the Government of Karnataka for an additional Rs 4,800 crore investment to promote more environment-friendly technologies, enable the production of electric vehicles (EVs) in India, and at the same time create more jobs. Toyota Group has invested Rs 11,812 crore and currently employs more than 8,000 people. 

The new fund will also enable local manufacturing facilities to manufacture parts and components for electric vehicles, accelerating plans to reduce carbon emissions. Fortuner manufacturers are confident about building a manufacturing hub in India. It also emphasized its plans to strengthen the local supplier base.

Toyota had previously announced that it would achieve carbon neutrality by 2050. These funds help the company improve electrification, as customers choose more environment-friendly options while buying a car.

The chief minister of Karnataka tweeted saying, “Happy to announce that we have signed an MoU with the Toyota Group of Companies. The company will invest `4,800 crores in Karnataka. We are committed to bringing about unprecedented growth and development in the state. This MoU is another milestone in the same direction.”

The group currently operates factories for its Toyota Camry Hybrid, Innova, and Fortuner in Bidadi. Toyota is working to accelerate the pace of electrification and strengthen domestic manufacturing in the country with Make in India.

TWN Special