{"text":[[{"start":12.34,"text":"India’s economy has long been touted to investors as the next China. "},{"start":16.644,"text":"Toyota thinks so for electric vehicles. "},{"start":19.312,"text":"It plans to invest heavily in making EV parts in India. "},{"start":22.717,"text":"For the Japanese carmaker, which counts US and China as core overseas markets, this move makes sense. "}],[{"start":29.169999999999998,"text":"Toyota’s 48bn rupees ($624mn) investment will focus on producing electric vehicle parts. "},{"start":36.949,"text":"Toyota has trailed peers in the move to battery electric vehicles. "},{"start":40.792,"text":"Yet on 11 times forward earnings, the carmaker has double the multiple of German peers such as Volkswagen, well ahead in battery EVs. "}],[{"start":48.83,"text":"India, too, wants to make up for lost time, with plans for 30 per cent of all new cars sold to be electric by 2030. "},{"start":56.471999999999994,"text":"Toyota has its sights set on selling 3.5mn electric vehicles globally by 2030. "}],[{"start":62.69,"text":"Electric car adoption has been slow in India. "},{"start":65.857,"text":"Blame high EV prices and a lack of charging infrastructure. "},{"start":69.337,"text":"India’s GDP per capita of below $2,000 is less than a fifth that of China, making price a big obstacle in future EV uptake. "},{"start":77.079,"text":"Toyota’s relatively late start to the electric market means there is scope to build low-end cars from scratch for the India market. "},{"start":83.422,"text":"Mitsubishi Motors’ sub $18,000 electric car for the Japanese market shows it can be done. "}],[{"start":90.13,"text":"As for charging points, India and Japan have partnered to develop a common standard for electric car charging stations for emerging markets. "},{"start":97.822,"text":"A plan for a simplified construction standard, with installation costs below $10,000, could halve current costs. "}],[{"start":105.52,"text":"India’s electric car sales have been weak, at just about 300,000 in total last year. "},{"start":111.012,"text":"Yet the country shows no reluctance to the shift to electric when it comes to low-cost scooters, with sales here increasing 370 per cent in March. "},{"start":119.092,"text":"Having more of the electric car supply chain production in India would further lower costs. "}],[{"start":124.25,"text":"Shares of Toyota are up more than a third in the past year, beating the MSCI World Auto index. "},{"start":130.129,"text":"Capturing India’s EV market early should help maintain its momentum and valuation premium. "}],[{"start":134.94,"text":""}]],"url":"https://creatives.ftacademy.cn/album/70485-1652108479.mp3"}