Suzuki to Invest ¥2 Tril. in EVs

Yomiuri Shimbun file photo

TOKYO (Jiji Press) — Suzuki Motor Corp. said Thursday it will invest ¥2 trillion to boost production, research and development activities related to vehicle electrification by fiscal 2030.

The automaker will release six electric vehicle models each in the Japanese market and Suzuki’s mainstay market, India, by fiscal 2030. The company will also introduce five models in Europe.

Amid a worldwide push for decarbonization, Suzuki aims to switch to the offensive in the field of electric vehicles, where the company lags behind rivals.

Suzuki will release commercial electric minivehicles in fiscal 2023 in Japan. The electric vehicle lineup will be expanded later to include smaller SUV and passenger minivehicle models.

The company will also develop new hybrid vehicles combining engines and motors.

At a press conference Thursday, President Toshihiro Suzuki said that his company will provide many vehicle choices for customers.

The company plans to introduce electric vehicles to the Indian and European markets from fiscal 2024.