Suzuki Motor Corporation signed a memorandum of understanding (MoU) with the state of Gujarat to invest approximately 150 billion yen (~$1.25 billion) for local manufacturing of battery electric vehicles (BEV) and BEV batteries. The MoU is divided into Suzuki Motor Gujarat’s investment of ₹31 billion (~$260.09 million) to increase production capacity for BEV manufacturing and ₹73 billion (~$612.48 million) for the construction of a plant for BEV batteries. It also includes Maruti Suzuki Toyotsu India’s ₹450 million (~$3.77 million) investment to construct a vehicle recycling plant.