New Delhi: Toyota Motor Corporation and Suzuki Motor Corporation have signed a memorandum of understanding which will see both companies working together for introducing Electric Vehicles (EVs) in the Indian market by around 2020.
The agreement stems from the two companies have concluded on February 6 this year a MoU on beginning considerations for business partnership, after which they began discussing, among other topics, the dissemination of vehicle electrification technologies in India.
According to sources, Suzuki is to produce EVs for the Indian market and will supply some to Toyota, while Toyota is to provide technical support. Additionally, Toyota and Suzuki intend to conduct a comprehensive study of activities for the widespread acceptance and popular use of EVs in India.
Suzuki has already announced that it intends to construct a lithium-ion battery plant on the grounds of its recently opened automobile plant in the Indian state of Gujarat.