The share price of India’s leading car maker Maruti Suzuki India Limited was up by 3% at Rs 7938.69 on BSE during early trade today.
Suzuki Motors has a majority stake in Maruti Suzuki. On March 20, Suzuki Motors said it would invest 150 billion yen (approximately Rs 10,440 crore) to increase the production capacity of electric vehicles, set up an EV battery manufacturing plant, and set up a vehicle recycling unit.
This development is quite significant for Maruti Suzuki as before this the company had not announced any major steps to enter the EV space.
According to this announcement, Suzuki Motors Gujarat Private Limited (SMG), a wholly-owned subsidiary of Suzuki Motors Corporation, will invest Rs 7300 crore for battery plant construction by 2026.
Apart from this, Suzuki Motors Gujarat Private Limited (SMG) will also invest Rs 3100 crore for ramping up the production capacity of EVs.
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