Toyota Kirloskar Motor commits Rs 3,300 crore to setup third manufacturing facility
Toyota Kirloskar Motor has inked a Memorandum of Understanding (MoU) with the Karnataka government to extend its activities with new investments. TKM is preparing to build a brand-new manufacturing plant for roughly Rs 3,300 crores. The new plant, which is set to open in 2026, will have an annual capacity of 1 lakh units produced in two shifts.
The new facility, Toyota's third in India, will be placed on the existing TKM's huge 432-acre complex in Bidadi, Bengaluru, and will create an extra 2,000 direct jobs. While it is unknown which models will be produced at this new factory, we do know that the Toyota Innova Hycross will be one of them.
Although Toyota doesn't have any EVs in its India lineup yet, it would be very difficult to believe that the worlds's largest automobile manufacturer wouldn't eventually ready a few EVs for the Indian market. We expect upcoming EVs from Toyota also to be manufactured in this new facility.
Toyota originally entered India in 1997, and its first manufacturing site opened in December 1999, followed by a second factory in 2010. It currently employs 11,500 people and manufactures 3,42,000 automobiles per year at its two factories. TKM's portfolio includes the Innova HyCross, Innova Crysta, Fortuner, Rumion, Glanza, Camry Hybrid, Urban Cruiser Hyryder, Legender, and Vellfire, which are sold by 617 dealers around the nation.
Speaking on the occasion, Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor said, "As a future ready mobility company, we are certain that today's significant MOU with the State Govt. of Karnataka for the new plant will positively contribute through consequent employment generation and expand adoption of advanced clean technologies. We will continue to work together with the government to develop a world-class local ecosystem that promotes the best solutions for India by focusing on improving energy security, promoting economic growth & achieving Carbon Neutrality.
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