Toyota India has started exporting electric vehicle (EV) components to Japan, according to a report from Financial Express. The move comes as part of the automaker’s plan to increase its exports from India to other global markets.
The report stated that Toyota Kirloskar Motor (TKM), the Indian subsidiary of the Japanese automaker, has started exporting components such as lithium-ion batteries, power control units, and motors to Toyota Motor Corporation in Japan.
The export of EV components from India to Japan is seen as a significant development, as it highlights the country’s growing prowess in manufacturing high-quality and cost-effective EV components. It also indicates the shift towards a global supply chain for EVs, as countries are increasingly looking to tap into each other’s strengths to drive the growth of the EV industry.
According to the report, TKM has been working to develop localisation of EV components in India since 2018, in line with the government’s push for EV adoption in the country. The automaker plans to gradually increase the localisation of EV components in India, with a focus on reducing costs and increasing efficiency.
The move is also in line with Toyota’s global strategy to increase its focus on EVs. The automaker plans to launch 70 new EV models by 2025, and aims to have EVs make up 50% of its global sales by 2030.
Overall, Toyota’s move to export EV components from India to Japan is seen as a positive development for both countries, and is expected to further boost the growth of the EV industry in India.