Suzuki Motor Corp. stated Thursday that it will invest 4.5 trillion yen ($34.8 billion) on R&D and capital expenditures for battery electric automobiles (EVs) through fiscal 2030.
The Japanese manufacturer famed for its tiny “kei” vehicles has pledged $2 trillion to electrification and autonomous driving technologies and $2.5 trillion to build a battery EV plant and renewable energy facilities.
It stated batteries would receive 500 billion yen of electrification funds.
Suzuki’s declaration follows other Japanese manufacturers’ efforts to catch up with European and U.S. rivals in the fast-growing battery EV industry.
Mazda Motor Corp announced a $10.6 billion electrification initiative in November.
In fiscal 2023, Suzuki will launch its first battery EVs in Japan, including compact SUVs and “kei” cars. Toshihiro Suzuki, a firm president, planned to offer vehicles for roughly 1 million yen to cost-conscious buyers.
Next year, Suzuki will launch battery EVs in Europe and India and its first electric motorbikes worldwide.
The business hopes to take a larger piece of India’s growing EV industry by partnering with Toyota Motor Corp.
In India last month, Suzuki claimed he would learn from Toyota how to use EV technology to produce compact electric cars.