The Japanese automobile manufacturer plans to dedicate JPY2trillion ($15.37bn) of the total investment for electrification-related activities, out of which JPY500bn ($3.8bn) would be spent on battery-related projects, while the remaining JPY2.5 trillion ($19.21bn) will be to cover capital expenditures pertaining to BEV battery plant construction and renewable energy facilities
Suzuki Motor to spend $34.6bn in EVs and batteries through 2030. (Credit: DeltaSquad833/Wikimedia Commons)
Suzuki Motor has announced plans to invest JPY4.5 trillion ($34.6bn) in electric vehicles (EVs), batteries, research and development, and renewable energy facilities through the financial year (FY) 2030.
The Japanese automobile manufacturer will dedicate JPY2 trillion ($15.37bn) of the total investment to electrification-related activities, out of which JPY500bn ($3.8bn) would go towards battery-related projects. The investments will cover the costs of research and development in areas including carbon neutrality like electrification, biogas, and autonomous technologies.
The remaining JPY2.5 trillion ($19.21bn) will be utilised for capital expenditures in the construction of the BEV battery plant and renewable power facilities.
Besides, the Japanese automotive company said that it will introduce its battery EVs in Japan in FY2023, followed by the launches in Europe and India in FY2024.
In India, the company intends to introduce its SUV battery EV in FY2024, with six models to be rolled out by FY2030.
In addition to battery EVs, Suzuki Motor plans to sell carbon neutral internal combustion engine vehicles that run on CNG, biogas, and ethanol mixed fuels.
The company’s battery electric motorcycles are anticipated to be introduced in FY2024.
Suzuki Motor has also signed a memorandum of understanding (MoU) with National Dairy Development Board and Banas Dairy, an Indian government agency, to undertake verification of biogas.
The Japanese automaker aims to achieve carbon neutrality in Japan and Europe by 2050 and in India by the year 2070.
Last year, Suzuki Motor revealed plans to invest about JPY150bn ($1.15bn) in Gujarat towards the manufacturing of BEV and BEV batteries in the Indian state.