Toyota lines up Rs 4,800 cr investment to locally produce EV components

Toyota group firms, including Toyota Kirloskar Motor, on Saturday said they will invest about Rs 4,800 crore in Karnataka for local production of powertrain parts and other components of electric vehicles.

Toyota Kirloskar Motor (TKM) along with Toyota Kirloskar Auto Parts (TKAP) will put in Rs 4,100 crore while a related company Toyota Industries Engine India (TIEI)– will pitch in with another Rs 700 crore.

TKM and TKAP on Saturday inked a Memorandum of Understanding (MOU) with the Karnataka government in this regard.

The announcement coincides with automaker's 25 years of presence in India.