Maruti Suzuki India and Toyota have declared a collaboration in the field of electrified vehicles.

What Happened: Maruti Suzuki, which is majority owned by Japan’s Suzuki Motor, will produce battery EV SUV models for Toyota, Suzuki said in a press release on Wednesday. The production of the electric vehicle is set to begin in spring 2025 at its plant located in Gujarat. The partnership will be a first between the companies in green vehicles.

The vehicle, which Suzuki describes as a “nimble SUV with sharp driving characteristics of a BEV” will be launched globally, the statement said.

The platform for the electric vehicle was jointly developed by Suzuki, Toyota, and Daihatsu Motor. The vehicle itself was designed by Suzuki.

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Suzuki and Toyota have previously partnered to develop combustion engines and hybrid vehicles, but this is their first collaboration on electric vehicles. The partnership is anticipated to stimulate the production and sale of electrified vehicles in India, in line with the country’s drive towards cleaner and greener transportation.

“While continuing to be competitors, we will deepen our collaborations towards solving social issues, causing the realisation of carbon neutral society,” Toshihiro Suzuki, president of the auto firm said.

The auto giant reported its earnings for the quarter ended September on Tuesday. The company's net profit declined 17.41% year on year to ₹3,069.2 crore, missing analyst estimates. India’s top car maker’s revenue was flat at ₹37,202.8 crore, which met the street’s expectations. 

However, analysts remain optimistic on the stock, seeing recovery thanks to the festive season.

Price Action: Shares of Maruti Suzuki ended 1.78% higher at ₹1,541 on Wednesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.