Key Points:
- To invest 2 trln yen in electrification, autonomous tech
- 2.5 trln yen in battery EV plant, renewable facilities
- Company working with Toyota in key India market
As per Jan 26, Reuters Tech News the Suzuki Motor Corporation has a plan to invest a big investment of amount 4.5 trillion yen which equals 34.8 billion in the fiscal year 2030. The company would put this big investment in research, development, and capital spending. The company is doing all this to make battery electric vehicles EVs in near future. The company representative said on Thursday. Japan’s Suzuki has a plan to invest $35 bln through 2030 in EVs.
The world-popular Japanese automaker that is best known for making compact “kei” cars said it would invest 2 trillion yen in electric faction and autonomous driving technologies while allocating 2.5 trillion yen a big amount to build a battery EV plant and for different renewable energy facilities.
Suzuki public this statement after other Japanese automaker brands have rolled out similar goals. The objective of this race is to give tough time to European and U.S. rivals in the super-fast growing battery EV market.
Mazda Motor Corp has already announced in November a $10.6 billion spending plan to electrify its vehicles. Suzuki is committed to introducing its first battery EVs which include small sport utility vehicles and micro “kei” cars, in Japan in fiscal 2023. To give the best price to cost-conscious customers the company president Toshihiro Suzuki said he wanted to win the trust of customers by selling vehicles for around 1 million yen.
Suzuki plans to present better EVs for sale in India and Europe in the following year. The Japanese brand Suzuki is also working on a plan to offer battery-electric motorcycles globally in the year 2023.
The company is aiming to compete with another top world Japanese car brand Toyota Motor Corp to capture a bigger share of India’s budding EV market. No doubt that India’s EV marketing is gaining momentum.
Japanese Suzuki automaker plans to learn from Toyota how to use EV technology to make small-size electric cars, the company reviled during a visit to India to this month.
Still, Toshihiro Suzuki said on Thursday that the automaker was not abandoning internal and hybrid combustion vehicle lineups. It is pointing to a lack of charging infrastructure and high EV cost costs and concerns over limited battery resources.
Suzuki’s target market in India is predicted EVs would make up more than 15% of its vehicle lineup in fiscal 2030. While internal combustion engine cars using ethanol and biofuels as fuels would make up 60%.
“We will put in vehicles for various price ranges, for various people, for various regions,” Toshihiro Suzuki said on Tuesday.
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