RIYADH: Japanese multinational automotive manufacturer Toyota is planning to allocate 48 billion rupees ($624 million) to make electric vehicle components through its joint venture company in India. This happens in line with Toyota’s efforts to achieve carbon neutrality by 2050, Bloomberg reported. The carmaker plans to create around 3,500 direct new jobs, the report stated citing Toyota Kirloskar executive vice president Vikram Gulati. “As the supply chain system builds, we expect much more to come in later,” he added. According to data from BloombergNEF, 53 percent of new automobile sales in India will be electric by 2040, compared with 77 percent in China.