Suzuki to invest R593bn in next seven years

Japan's Suzuki will invest 4.5-trillion yen (R593bn) in research, development and capital expenditure as part of its growth strategy through fiscal 2030, the carmaker said on Thursday.

The company said it would invest 2-trillion yen (about R263bn) to facilitate electrification and autonomous driving technologies, while allocating 2.5-trillion yen (about R329bn) to build battery electric vehicle plants and renewable energy facilities.

Suzuki said it will introduce its first battery electric vehicles in Japan in the 2023 financial year, then in Europe and India in the 2024 financial year. It is also seeking to introduce its first battery electric motorcycles globally in financial year 2024.

The company has shown eagerness to leverage its co-operation with car giant Toyota to capture a bigger share of India's budding EV market, which is gaining momentum.

Suzuki plans to learn from Toyota how to use EV technology to make small electric cars, its president Toshihiro Suzuki said during a visit to India this month, signalling the firm's readiness to extend its footprint in that country's EV market.