Two of the major players of the mobility world arena, Toyota and Suzuki made up to collaboration as announced by Toyota on Tuesday (October 22) announced that it plans to introduce a compact electric car in India. According to Shigeki Terashi, executive vice-president and Toyota board member.
Toyota will be joining hands with Suzuki, as they have a stronghold in the Indian mobility market. It plans to introduce a compact battery electric vehicle (EV) but didn’t give out many more details about the product. However, he said that its new EV will have a range of 100 kilometers on a single charge.
“Few of the OEMs have already entered the EV space in India, and we don’t want to be left behind,” – Shigeki Terashi.
Toyota and Suzuki have already partnered once to develop an affordable hybrid and electric vehicles for the Indian market. As part of the alliance, both the companies then had come to an understanding to supply its hybrid technology that is to be developed to Suzuki as part of the alliance, but that partnership did not bear any fruit. The vehicle will go on sale in the second half of 2020 and will be mainly used to support last-mile connectivity.
This is not the first time it’s happening, other major companies have also come up to participate in this trend of establishing themselves in the growing market of Indian Electric-Vehicle mobility. Hyundai recently committed to invest $200 Mn (INR 1,400 Cr) to develop affordable electric vehicles for the Indian market over the next three years. Mahindra and Mahindra have been the sole mass-market EV maker.
Check out our articles on the growing EV mobility market:
https://smartsustain.in/electric-vehicle-revolution-by-2030/
https://smartsustain.in/tamil-nadu-uncovers-its-new-ev-policy/
https://smartsustain.in/indian-mobility-market-to-achieve-90-bn-feat-by-2030/
India recorded sales of over 7.5 Lakh EVs in FY2019 as opposed to 56K in FY18. Though the result for the year shows an exciting growth compared to last year, the industry continues to be concerned about the future of the segment post-implementation of the new FAME II scheme from April 1. At present, Toyota has a small market share in India. With its strategic partnership with Suzuki, it looks for a bright future.
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