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Japan's Suzuki Motor Corp said on Thursday that it will invest a total of 4.5 trillion yen ($34.79 billion) in research and development as well as in capital expenditure as part of its growth strategy through fiscal 2030, according to a Reuters report.

The automaker said it will dedicate 2 trillion yen for electrification and autonomous driving technologies. It will allocate another 2.5 trillion yen to build battery electric vehicle plant and for renewable energy facilities.

The company announced that it will introduce its first battery electric vehicle automobiles in Japan in fiscal 2023 and consequently these will be launched in Europe and India in FY 2024. Its first battery electric motorcycles will be launched in FY 2024 as well.

With the investment boost in India, it is expected that the country will serve as a production hub for Europe, Asia and Africa.

Reuters reported that Suzuki is also eager to join hands with car giant Toyota to leverage its know-how in EV technology and use them to co-manufacture small electric cars that could serve the Indian EV market. With this cooperation, Suzuki has shown interest in capturing India’s emerging EV market.

Suzuki Motor Corporation owns 56% of Maruti Suzuki India - India's largest passenger vehicle maker. Maruti Suzuki India recorded strong profits in its Q3 2023 earnings. The company’s profitability more than doubled year-on-year on the back of a healthy sales performance. The Q3 performance was boosted by the sales of its SUV models like Brezza and Grand Vitara during the festive months.