HomeBusiness NewsSuzuki Motor to invest $35 billion in EVs globally, launch 6 EVs in India by 2030

Suzuki Motor to invest $35 billion in EVs globally, launch 6 EVs in India by 2030

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By Vivek Dubey   | Parikshit Luthra  January 26, 2023, 8:46:32 PM IST (Updated)

4 Min Read
Suzuki Motor to invest $35 billion in EVs globally, launch 6 EVs in India by 2030
Japan’s Suzuki Motor Corp (SMC) on Thursday announced that it will introduce its Electric Vehicle concept, the EVX which was displayed at the Auto Expo on the 11th of January, in the Indian market in the financial year 2024. Suzuki Motor Company has released a growth strategy, according to which 6 electric cars in different segments will be launched by 2030. SMC will launch its first battery electric car in Japan in 2023 and Europe in 2024.


The company will invest $34.8 billion through 2030 in research, development and capital spending to make battery electric vehicles (EVs). The company is targeting a product portfolio which will have 60% internal combustion engine vehicles, 25% hybrid electric vehicles and 15% battery EVs by 2030. SMC has said its internal combustion engine portfolio will be powered by CNG, biogas and ethanol.

"Suzuki believes biogas powered CNG vehicles can promote carbon neutrality and economic growth. SMC has an MoU with National Dairy Development Board and Banas Dairy and biogas production will begin in Banaskantha in 2024," said a statement.

The Japanese automaker also stated that it has invested in Fujisan Asagiri Biomass, which makes power generation from biogas derived from cow dung in Japan, and is beginning its study. "We believe that the biogas business in India not only contributes to carbon neutrality but also promotes economic growth and contributes to the society of India," it added.



SMC, which is known for making compact 'kei' cars, stated that it would invest 2 trillion yen in electrification and autonomous driving technologies while allocating 2.5 trillion yen to build a battery EV plant and for renewable energy facilities. Moreover, the automobile manufacturer also plans to invest 500 billion yen in batteries.

Suzuki said it would introduce its first battery EVs in Japan in FY23 and Europe and India in FY24. Suzuki plans to introduce battery EVs and its first battery electric motorcycles globally, the following year. Toshihiro Suzuki, president of SMC, also said that he wanted to sell vehicles for around 1 million yen.



The company also aims to leverage its cooperation with car giant Toyota Motor to capture a bigger share of India's budding EV market. SMC plans to learn from Toyota how to use EV tech to make small electric cars. Suzuki also stated that the company is not abandoning hybrid and internal combustion vehicle line-ups.

In India, the company said battery EVs will account for 15 per cent of its total product portfolio by 2030 and its internal combustion engine vehicles will grow to 60 per cent and hybrid electric vehicles at 25 per cent. Currently, SMC’s Indian arm Maruti Suzuki is the largest passenger vehicle maker by sales in the country.

Also Read: Hyundai to invest $8.5 billion in 2023 to electrify its fleet amid rising demand

SMC also plans to expand its business to other farming areas in regions like Africa, ASEAN and Japan in the future. "Suzuki, the market leader of India's automobile market, contributing to carbon neutrality and economic growth of emerging countries, is consistent with the intent of the Paris Agreement, which requires harmony between developed countries and emerging countries for reduction of CO2 emission," it said.

SMC, while revealing its research and development plans for the future, said that its headquarters, Yokohama Lab, Suzuki R&D Center India and Maruti Suzuki will cooperate for efficient development by sharing the development in each field of future technologies, advanced technologies and mass production technologies. In addition to this, the company is also “exploring new connections and innovations for Suzuki to thoroughly take root in India.”

The Japanese automaker is looking to double the FY21 net sales result of 3.5 trillion Yen to 7 trillion Yen in 2030. Suzuki also aims to achieve carbon neutrality in Japan and Europe by 2050 and in India by 2070.

Also Read: Porsche debuts its flagship track-focused sports car 718 Cayman GT4 RS in India
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