Skip to main content

Suzuki to Invest $35 Billion in EVs Through 2030, Will Introduce Electric Vehicles in India and Europe

Suzuki Motor will invest JPY 4.5 trillion (roughly Rs. 2,85,614 crore) through fiscal 2030 in research, development and capital spending to make battery electric vehicles (EVs), it said on Thursday.

The Japanese automaker known for making compact "kei" cars said it would invest JPY 2 trillion in electrification and autonomous driving technologies, while allocating JPY 2.5 trillion (roughly Rs. 1,56,915) to build a battery EV plant and for renewable energy facilities.

Of the money earmarked for electrification, JPY 500 billion (roughly Rs. 31,380 crore) would be invested in batteries, it said.

Suzuki's announcement comes after other Japanese automakers have rolled out similar goals to catch up with European and US rivals in the fast-growing battery EV market.

Mazda Motor unveiled in November a $10.6 billion (roughly Rs. 86,460 crore) spending plan to electrify its vehicles.

Suzuki said it would introduce its first battery EVs, including small sport-utility vehicles and micro "kei" cars, in Japan in fiscal 2023. With cost-conscious customers in mind, company president Toshihiro Suzuki said he wanted to sell vehicles for around JPY 1 million (roughly Rs. 6,27,400).

Suzuki plans to introduce battery EVs in Europe and India, and its first battery electric motorcycles globally, the following year.

The company is aiming to leverage its cooperation with car giant [Toyota Motor](https;//gadgets360.com/tags/toyota) to capture a bigger share of India's budding EV market, which is gaining momentum.

Suzuki plans to learn from Toyota how to use EV technology to make small electric cars, Suzuki said during a visit to India this month.

Still, Toshihiro Suzuki said on Thursday the automaker was not abandoning hybrid and internal combustion vehicle line-ups, pointing to a lack of charging infrastructure, high EV costs and concerns over limited battery resources.

For India, Suzuki's key market, it predicted EVs would make up 15 percent of its vehicle line-up in fiscal 2030, while internal combustion engine cars using biofuels and ethanol as fuels would make up 60 percent.

"We will put in vehicles for various price ranges, for various people, for various regions," Toshihiro Suzuki said.

© Thomson Reuters 2023

The iQoo 11 is currently the most powerful Android phone you can buy in India. Should you buy it right away? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


from Gadgets 360 https://ift.tt/QrX2eJu

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Xiaomi Offers Free Xiaomi 12 Pro Upgrade to Mi 11 Ultra Users Facing Wi-Fi Issues

Xiaomi is offering a free upgrade to a Xiaomi 12 Pro for Mi 11 Ultra users who are facing Wi-Fi issues. These users also have the option to further upgrade to the company's latest Xiaomi 13 Pro by paying an extra fee of Rs. 30,000. Just recently, the company extended the warranty of the Mi 11 Ultra alongside other smartphones by two years, after users complained of camera and motherboard issues. The current offer — including the free upgrade and the paid one, is extended to the Mi 11 Ultra users who are having trouble with Wi-Fi on their handsets. The Xiaomi India President Muralikrishnan B announced the offers in a video message via Twitter. He added that the  Mi 11 Ultra users who had previously paid and upgraded their handsets to the Xiaomi 12 Pro will be offered a full refund. They will need to contact the company online or through the nearest Xiaomi service centre. Notably, this refund is only applicable to users who upgraded their handsets due to Wi-Fi issues....
Post a Comment
Read more

Softbank CEO Says He is Heavy User of ChatGPT Speaks to OpenAIs Sam Altman Often

SoftBank Group 's Chief Executive Masayoshi Son said on Tuesday he is a "heavy user" of ChatGPT, the artificial intelligence-powered chatbot from Microsoft -backed startup OpenAI. Son said he is speaking "almost everyday" to OpenAI CEO Sam Altman , who has made high-profile visits to Tokyo this year as he looks to capitalise on interest in generative AI and exert influence on the regulation of the burgeoning technology around the world. "I am chatting with ChatGPT everyday - I am a heavy user," Son told shareholders of the group's telecoms subsidiary. Son has stepped back from public pronouncements in recent months to focus on the planned listing of chip designer Arm as his technology investment conglomerate books heavy loss due to the sliding value of its portfolio. The group holds its annual general meeting on Wednesday with the market looking for details of Son's investment outlook at a time when excitement over AI is driving capital...
Post a Comment
Read more