Toyota Group plans to invest 48 billion rupees ($624 million) to make electric vehicle components in India, as the Japanese carmaker works toward carbon neutrality by 2050.

Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts signed a memorandum of understanding with the southern state of Karnataka to invest 41 billion rupees, the group said in a statement Saturday. The rest will come from Toyota Industries Engine India.

Source: https://www.bloomberg.com/news/articles/2022-05-08/toyota-plans-to-invest-624-million-to-make-ev-parts-in-india