Suzuki Motor Corp will invest 4.5 trillion yen ($34.8 billion) through fiscal 2030 in research, development and capital spending to make battery electric vehicles (EVs), it said on Thursday.
The Japanese automaker known for making compact "kei" cars said it would invest 2 trillion yen in electrification and autonomous driving technologies, while allocating 2.5 trillion yen to build a battery EV plant and for renewable energy facilities.
Of the money earmarked for electrification, 500 billion yen would be invested in batteries, it said.
Suzuki's announcement comes after other Japanese automakers have rolled out similar goals to catch up with European and U.S. rivals in the fast-growing battery EV market.
Mazda Motor Corp unveiled in November a $10.6 billion spending plan to electrify its vehicles.
Suzuki said it would introduce its first battery EVs, including small sport-utility vehicles and micro "kei" cars, in Japan in fiscal 2023. With cost-conscious customers in mind, company president Toshihiro Suzuki said he wanted to sell vehicles for around 1 million yen.
More: Japan's Suzuki to invest $35 billion through 2030 in EVs