According to a report from Reuters on October 30, Japan's Suzuki Motor and Toyota Motor announced in a joint statement that Suzuki's Indian subsidiary will supply Toyota with its first electric vehicle. Following this news, Maruti Suzuki's stock rose by about 4%, approaching an intraday high.
The Reuters report stated that Maruti Suzuki, controlled by Suzuki Motor, will begin producing this electric vehicle at its plant in Gujarat, western India, starting in the spring of 2025. The plant plans to add a fourth production line dedicated exclusively to electric vehicle manufacturing, with an annual capacity of 250,000 units. Aside from the Gujarat plant, Suzuki has no plans to produce this model elsewhere. The company has previously indicated that it intends to supply this electric vehicle globally, including in markets such as Japan and Europe.
According to statements from Toyota and Suzuki, the electric model Maruti Suzuki will supply to Toyota was developed by Suzuki, though the vehicle's platform is a joint development by Suzuki, Toyota, and Daihatsu. This electric SUV will be equipped with a 60-kilowatt-hour battery pack, providing a range of 500 kilometers (311 miles).
Currently, neither Suzuki nor Toyota's subsidiaries in India sell electric vehicles in the Indian market. India is Suzuki's largest market outside of Japan, and this collaboration with Toyota further solidifies India's role as a central hub for Suzuki's electric vehicle production. Suzuki has announced plans to invest over $1 billion in India.
Previously, Toyota announced that it would introduce 10 electric vehicle models by 2026, with this model supplied by Suzuki being one of them. This marks the first collaboration between the two companies in the field of eco-friendly vehicles. Prior to this, Suzuki and Toyota had collaborated on gasoline and hybrid vehicles but had not worked together on electric vehicles. Toyota's CEO, Koji Sato, stated, "We are willing to learn from each other's strengths, to compete, and to work further together based on our diversity strategy."
