Suzuki and Toyota partner to launch e-cars by 2020

The stock of Maruti Suzuki was buzzing on the bourses on Friday. The stock was trading at Rs. 8,353.00 per share, up 2.32 per cent at 15:03 hours on NSE.

Maruti Suzuki stands to benefits from an agreement between its parent company, Suzuki Motor Corp's and Toyota Motors to accelerate their electric vehicles segment.

As per the terms of the agreement, Toyota will be providing technical support to the project, while Suzuki will manufacture and supplies the vehicles. The two companies plan to introduce the electric vehicles in the Indian market by 2020.

Earlier, during its quarterly earnings announcement, the Maruti Suzuki's Chairman RC Bhargava had stated the company's intention to become a market leader in the electric cars segment.

In September, Maruti Suzuki had announced that the company will be manufacturing electric vehicles at its Gujarat factory and will also build a lithium-ion battery plant in Gujarat with a local partner.