Toyota Kirloskar Motor Invests Rs.3,300 Crore in Karnataka
Toyota Kirloskar Motor (TKM), an Indian subsidiary of Japan’s Toyota Motor Corporation, is set to make an additional investment of Rs. 3,300 crore in Karnataka to establish its third manufacturing facility at Bidadi. The Karnataka government signed a Memorandum of Understanding (MoU) with Toyota Kirloskar Motor (TKM) on November 21, 2023, with respect to this.
The new plant is expected to employ almost 2,000 people and will be operational by 2026 with an annual capacity of 1 lakh units in two shifts. This is in addition to the already running units at Bidadi, which have a combined installed production capacity of up to 3.42 lakh units annually.
According to the minister, the new investment has come as part of the Karnataka government’s new clean mobility policy, which envisions a pioneer position in Electric Vehicle (EV) manufacturing, covering the entire value chain from battery and cell manufacturing to component production, original equipment manufacturers, charging and testing infrastructure, and research and development.
“As a future-ready mobility company, we are confident that today”s significant MoU with the Karnataka government for the new plant will positively contribute through consequent employment generation and expand the adoption of advanced clean technologies,” said TKM managing director and CEO Masakazu Yoshimura at the event.7
Yoshimura also assured that TKM would continue its cooperation with the government and would develop a world-class local system that facilitates energy security, promotes economic growth, and achieves carbon neutrality.
Last year, Toyota group firms, including TKM and Toyota Kirloskar Auto Parts, signed an MoU with the Karnataka government to invest Rs. 4,100 crore to create robust electrification, greener technologies, and reduce CO2 emissions. With the new investment, Toyota’s investment in the state has reached Rs. 16,000 crore.
