Maruti Suzuki India Ltd will launch its first battery electric vehicle in India in 2023-24 (Apr-Mar), and will subsequently bring five more electric vehicles by the end of the decade, the company said in a release.
Parent company Suzuki Motor Corp also plans to invest 4.5 trln yen (2.82 trln rupees) on its electrification drive by 2029-30.
The New Delhi-based automaker will first bring out the electric sports utility vehicle, eVX, to the Indian market. The company had unveiled the concept version of the eVX at the Auto Expo held earlier this month.
This comes after one of the company's competitor, Mahindra & Mahindra, launched its compact electric sports utility vehicle XUV 400.
Tata Motors, considered to be a pioneer in the electric vehicle segment in India, already sells three electric passenger vehicles in India and holds nearly 85% market share.
Out of the 4.5 trln yen investment, Suzuki Corp plans to invest 2 trln yen for research and development in areas such as carbon neutrality, electrification and biogas, as well as autonomous technology.
It plans to invest the remaining 2.5 trln yen on capital expenditure, which includes construction of electric vehicle battery plant and renewable energy facilities.
At 01:00 IST, shares of Maruti Suzuki India traded 1.3% lower at 8,670 rupes on NSE.
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