Toyota to invest Rs 20,000 crore in Maharashtra to set up new plant
Toyota Kirloskar Motor signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for a potential a new Green Field Manufacturing Facility in Chatrapati Sambhaji Nagar (previously Aurangabad). According to a social media post of Devendra Fadnavis, Deputy Chief Minister of Maharashtra, Toyota will invest about Rs 20,000 crore in order to set up a new manufacturing facility in a whopping 850 acres in AURIC industries city. This intended to create 8,000 jobs in the Marathwada region.
The MoU was signed in the presence of Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor and Regional CEO of Toyota Motor Corporation; Eknath Shinde, Chief Minister of Maharashtra; Devendra Fadnavis, Deputy Chief Minister of Maharashtra; and Ajit Pawar, Deputy Chief Minister of Maharashtra.
Currently, Toyota sells the Land Cruiser 300, Camry, Vellfire, Urban Cruiser Hyryder, Urban Cruiser Taisor, Fortuner, Innova Hycross, Innova Crysta, Hilux, Glanza, and Rumion. In June 2024, the brand posted highest-ever monthly sales at 27,474 units, while it sold 1,50,250 units between January and June 2024, reporting a 47 per cent increase from 1,02,371 units of the same period in 2023.
In 2023, Toyota had announced an investment of Rs 3,300 crore for a new third plant in Bidadi facility. It already has two plants with a production capacity of 3.42 lakh units annually. This expansion aims to increase its production capacity by 1,00,000 units yearly. With the third facility to be functional 2026, Toyota's annual production capacity at Bidadi is likely to be reach 4.42 lakh.
On the occasion, Masakazu Yoshimura, MD and CEO, Toyota Kirloskar Motor and Regional CEO at Toyota Motor Corporation (TMC), said "Toyota Motor Corporation believes that India is well positioned to become a global manufacturing hub for cleaner and greener mobility solutions. This belief was reinforced with the recent regional restructuring which elevated India to play central role by being integrated into the Middle East, East Asia & Oceania Region and acting as the hub of the new 'India, Middle East, East Asia and Oceania Region'. Today's MOU signing marks a pivotal point as we stride into the next phase of growth in the country, enabling us to contribute to enriching lives with qualitative mobility solutions locally and globally."
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