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Suzuki Motor Corp to invest $35 billion in Research & Development of EVs

21 Mar 2024 , 05:46 PM

Suzuki Motor Corp announced on Thursday that it will invest 4.5 trillion yen ($34.8 billion) in research, development, and capital spending to manufacture battery electric vehicles (EVs) through fiscal 2030.

Japanese automaker Suzuki has announced a significant investment in the future of transportation. The company, known for its small 'kei' cars, will be investing 2 trillion yen (approximately $18 billion) in electrification and autonomous driving technologies.

Additionally, Suzuki will be investing an additional 2.5 trillion yen (approximately USD 22.5 billion) in the construction of a battery electric vehicle production facility and renewable energy facilities.

This brings the total investment to 4.5 trillion yen, or USD 34.8 billion, through 2030. The move is part of Suzuki's efforts to meet stricter emissions regulations and keep up with the growing demand for electric vehicles. With this investment, Suzuki aims to become a major player in the EV market and solidify its position as a leading automaker in the industry.

The company said that, of the total fund, it has allocated a 500-billion-yen investment for batteries.

Suzuki disclosed its plans soon after rival companies announced matching goals to keep at par with European and US rivals in the fast-growing battery EV market.

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Related Tags

  • Auto industry
  • Auto News
  • electric vehicles
  • EV
  • investment
  • Kei Cars
  • Renewable Energy
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