Japanese automaker Suzuki recently announced its plan to set up a new wholly-owned subsidiary in Gujarat, India, with an aim to launch the first EV (Electric Vehicle) in 2025-2026, the Financial Express reported on August 29. The company is projected to invest 10,400 crore (104 billion Rupee; US$1.3 billion) into this new EV factory. While the company is set to roll out a new hybrid cars with Toyota by 2025, it has already partnered with Japan's Denso and Toshiba to build lithium-ion batteries for hybrid cars. Other than EVs, the company already has manufactured engine cars in India under the brand name of Maruti Suzuki, which is India's largest automaker. In the last fiscal ended March 31, 2022, Suzuki produced about 2.8 million engine cars around the world, 1.6 million, or 60% of which were produced in India.
According to MIC (Market Intelligence & Consulting Institute), sales of global EVs are estimated to grow to 145 million-230 million units by 2030, up from merely 11 million units in 2020, and register 30% CAGR (Compound Annual Growth Rate) over the period 2020-2030. Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.