Japan-based automakers Toyota and Suzuki are looking to cut costs of manufacturing complete hybrid cars by exchanging each other’s expertise and investing jointly to produce these vehicles, Mint reported.
The move will likely make hybrid cars affordable for Indian consumers and also support the government’s efforts to tap the air pollution problem in the country, said the report.
The first hybrid car from this partnership is likely to go on sale in India in three years, Shekar Viswanathan, vice chairman and whole-time director at Toyota Kirloskar Motor, told the newspaper.
“Both Suzuki and Toyota are working towards a reduction in the cost structure and that will be the hallmark of this collaboration. One of the reasons for this collaboration is that no company in this world wants to invest in research and development alone because they are not sure of the outcome,” Viswanathan was quoted as saying in the report.
"With Toyota deciding to share its hybrid vehicle technology with Suzuki, considered a pioneer in low-cost car manufacturing, the development cost per vehicle would reduce substantially," Viswanathan added.
Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.
First Published: Jan 21, 2019 8:32 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: Mehbooba Mufti alleges police detention of party workers, stages protest in Anantnag
May 25, 2024 8:51 AM
Polling booth confusion for External Affairs Minister S Jaishankar
May 25, 2024 7:52 AM
Lok Sabha Election 2024 Voting 6th Phase Live: Sonia, Rahul Gandhi cast their votes, Kejriwal arrives at booth
May 25, 2024 6:31 AM
Sultanpur Lok Sabha election: Can Maneka Gandhi retain this BJP stronghold
May 24, 2024 11:48 PM