Toyota Kirloskar Auto Parts Qualifies for Incentive Under PLI Scheme

Bangalore, February 24, 2024: Toyota Kirloskar Auto Parts Pvt Ltd (TKAP), part of Toyota Group of firms, right this moment introduced that it has obtained the Domestic Value Addition (DVA) Certificate for xEV Transaxle (e-Drive) beneath the Production Linked Incentive (PLI) Scheme for Advanced Automotive Technology (AAT) merchandise. This improvement renders TKAP eligible to avail incentives beneath the Scheme.

TKAP’s product has additionally met the Testing standards of Advanced Automotive Technology, and it’s licensed by the Automotive Research Association of India (ARAI).

Established in 2002, TKAP is engaged within the manufacture and sale of automotive rear axles, propeller shafts, and transmission items. Over the years, the corporate has grown quickly to emerge as a big producer of drive practice elements and assemblies (xEV Transaxle) within the Toyota group.

Aligned with “Aatmanirbhar Bharat” and in resonance with Toyota Group’s dedication in direction of “mass electrification”, TKAP in 2022 arrange a complicated manufacturing facility to supply xEV Transaxle (e-Drive) for home provide to Toyota Kirloskar Motor and export to Japan and different Asian nations, in a step in direction of making India Toyota Asia’s Electrification Hub. The new facility, fourth exterior Japan, has an annual put in capability of 135,000 items making it the best-case level of India’s emergence as a world manufacturing hub for EV elements. The product is a core element in all Electrified Vehicle applied sciences (xEVs) together with Strong Hybrid Electric Vehicle (SHEV), Plus-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Flex Fuel Strong Hybrid Electric Vehicle (FFV-SHEV).

Furthermore, aside from the localization of the electrified elements/parts, TKAP has additionally been profitable in localizing its plant and machineries which can be getting used to supply these native elements/parts to a big extent.

Commenting on the event and expressing his gratitude to the Government, Ok N Prasad, Managing Director, Toyota Kirloskar Auto Parts, stated “Given the renewed functionality of Indian auto trade and the sturdy continued Government help via schemes comparable to PLI, now we have made seen progress in establishing India as a crucial manufacturing hub of advance, clear and environment friendly autos geared toward attending aggressive pricing sooner or later,”

For speedy electrification, it’s essential to localize and manufacture EV elements in India at a world scale and high quality. Hence, the obligatory native worth addition standards set by the Ministry of Heavy Industries, Government of India allows additional competitiveness within the regionally manufactured Advanced Automotive Technology merchandise.

The sturdy and thorough SOP established by the Ministry of Heavy Industries and IFCI in session with stakeholders has enabled candidates to arrange appropriately and meet the established standards.”

Over the years, Toyota Group of firms has been a big contributor to the nation’s “Make-in-India” Mission. The Group, together with Toyota Kirloskar Motor, Toyota Kirloskar Auto Parts and Toyota Industries Engine India have invested greater than INR 16,000 crores till December 2023.