Suzuki Motor Corporation (SMC) signed a Memorandum of Understanding (MOU) with the State of Gujarat, India, to invest approximately 104.4 billion rupees (approximately US$1.4 billion) for local manufacturing of electric vehicles (BEV) and BEV batteries.
The MOU was signed on 19 March 2022 at India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi.
Of the total investment:
US$407.6 million will go to increase production capacity for BEV manufacturingm with a target year of 2025;
US$960 million will go toward a battery manufacturing plant, with a target year of 2026; and
US$6 million will go toward a vehicle recycling plant, with a target year of 2025.