Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 26, Suzuki Motor Co., Ltd. announced on Thursday that it will invest 4.5 trillion yen (currently about 235.35 billion yuan, $34.8 billion) in research and development and capital expenditure to produce pure electric vehicles (EV) by fiscal year 2030.

Suzuki is known for producing compact "light" cars, and the 4.5 trillion yen investment will be divided into two parts, of which 2 trillion yen (currently about 104.6 billion yuan) will be invested in electrification and self-driving technology. the other part allocated 2.5 trillion yen (currently about 130.75 billion yuan) for the construction of battery electric car factories and renewable energy facilities.

Of the funds earmarked for electrification, 500 billion yen (currently about 26.15 billion yuan) will be used to invest in batteries, Suzuki said.

CTOnews.com learned that Suzuki will launch its first battery electric vehicles in Japan in fiscal year 2023, including small sport utility vehicles and mini "kei" cars. Considering cost-sensitive customers, Toshihiro Suzuki, president of Suzuki, said he wanted the new car to be priced at about 1 million yen (currently about 52300 yuan).

Suzuki plans to launch all-electric cars in Europe and India next year and the first all-electric motorcycle in the world. The company aims to work with Toyota to take a bigger share of India's burgeoning electric car market.

However, Toshihiro Suzuki also said the company had not given up on hybrid and internal combustion engine vehicles because of concerns about charging infrastructure, the cost of electric vehicles and battery resources.

For Suzuki's main market, India, the company expects electric vehicles to account for 15 per cent of its car product line by fiscal year 2030, while internal combustion engines, fueled by biofuels and ethanol, will account for 60 per cent.

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