Japanese automaker Suzuki Motor's Indian unit will supply its first-ever electric vehicle to Toyota Motor, the two companies said in a statement on October 30, marking their first collaboration on green vehicles.
Maruti Suzuki, which is majority-owned by Suzuki Motor, will begin production of the EV from spring 2025 in its plant in Gujarat. At 12:15 pm on October 30, Maruti Suzuki India Ltd shares were trading nearly 3% higher at Rs 11,355.15 apiece.
The EV was jointly developed by Suzuki, Toyota and Daihatsu Motor, according to the statement.
Suzuki and Toyota have previously collaborated on developing combustion fuel vehicles, but not EVs.
Maruti Suzuki, India's biggest carmaker by market share, does not sell any EVs in India or globally, but sells hybrid vehicles manufactured by Toyota's Indian unit.
The EV, which will be a sport utility vehicle, will have a 60 kilowatt hour battery pack. Its range has not been disclosed.
The new model will be one of 10 battery-powered vehicles the world's biggest automaker has said it will launch by 2026, a Toyota spokesperson said. There are no plans to produce the EV anywhere else besides the Gujarat plant.
Toyota said earlier on Wednesday it sold just over 108,000 battery-powered electric vehicles worldwide during the first nine months of the year, accounting for 1.5% of its global sales, including that of its luxury Lexus brand, over that period.
Maruti Suzuki plans to add a fourth production line at the Gujarat facility with a capacity of 250,000 units per year, just for EVs.
It had previously said it plans to supply the EV globally, including to its Japanese parent as well as European markets.
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