Toyota's Rs 3300 Crore Investment Boosts Job Market and Car Production

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【Summary】Toyota Group of companies will invest Rs 3300 crore to set up a new plant in India, increasing car production and creating 2000 new jobs. This is their third plant in India, with potential for further investments and job creation in the supplier ecosystem. Toyota has already invested over Rs 16,000 crores and created 88,000 jobs in the country, with a focus on green technologies and reducing CO2 emissions. They have also made significant export contributions.

FutureCar Staff Nov 22, 2023 10:20 PM PT

Toyota's Rs 3300 Crore Investment Boosts Job Market and Car Production

The Toyota Group of companies has made significant investments in India, totaling more than Rs 16,000 crores. These investments have led to the creation of approximately 88,000 jobs in the country.

Toyota Kirloskar Motor (TKM) recently announced plans to invest Rs 3300 crore in setting up a new plant and boosting local manufacturing. This will be the company's third plant in India, all located in Bidadi near Bangalore, Karnataka. The establishment of this new plant has the potential to attract further investments and create more job opportunities, especially considering the expected growth in the supplier ecosystem.

The additional investments made by TKM will increase their production capacity by 1,00,000 units and result in the creation of around 2,000 new jobs. This expansion also opens up possibilities for further growth in the supplier ecosystem.

In the previous year, the Toyota Group of companies, which includes Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP), signed a Memorandum of Understanding (MOU) with the Government of Karnataka. The purpose of this agreement was to invest INR 4,100 crores in initiatives aimed at reducing CO2 emissions, enhancing electrification, and accelerating the transition to greener technologies.

Overall, the Toyota Group of companies has made substantial investments in India, contributing to the creation of nearly 88,000 jobs throughout the entire value chain, including suppliers and dealers. Their commitment to manufacturing in India extends beyond the domestic market, as their cumulative export contributions amount to approximately Rs 30,000 crores.