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Toyota to spend $624m on EV production in India

Japanese subsidiary announces investment in line with government push

Toyota Kirloskar Motor signed a memorandum of understanding with the Karnataka state government regarding the new investment. (Photo courtesy of Toyota Kirloskar Motor)

MUMBAI -- Toyota Kirloskar Motor, Toyota Motor's Indian subsidiary, announced on May 7 that it will invest 48 billion rupees ($623.72 million) in decarbonization efforts in India. With the Indian government working to spread the use of electric vehicles, the company will focus on making EV parts in the southern state of Karnataka, where it already has a production facility, it said.

The company signed a memorandum of understanding with the Karnataka state government regarding the new investment. A specific time frame for the investment and other details were not made public.

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