12:06 PM EDT, 05/01/2026 (MT Newswires) -- Toyota Motor (TM) plans to build three vehicle assembly plants in India, tripling its local production capacity to 1 million units by the 2030s, Nikkei Asia reported Friday.

The new plants, to be built in the western state of Maharashtra, will also act as export hubs, supplying vehicles to both the Indian market and those in the Middle East and Africa, according to the report.

The first plant will commence operations in 2029, with the other two scheduled to start in the 2030s, the report said, adding that the total investment is estimated at around 300 billion yen ($1.9 billion).

Toyota Motor did not immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 189.83, Change: -2.80, Percent Change: -1.45