India, Aug 26 (Reuters) – Japan’s Suzuki Motor (7269.T), opens new tab will invest 700 billion rupees ($8 billion) in India over the next five to six years, its chairman said on Tuesday, as production of the automaker’s first electric vehicle began.

Through its majority stake in Maruti Suzuki (MRTI.NS), opens new tab, Suzuki Motors already produces 17 models in India for export to around 100 countries, including back to Japan. It will now also become the global production hub for the company’s electric cars.

Shares of Maruti Suzuki rose 2.6% to an all-time high after the investment was announced during an event to mark the start of commercial production of the mid-sized “e Vitara” SUV at its Gujarat plant in the village of Hansalpur Becharaji.

Maruti will export between 50,000 and 100,000 of the EVs a year, its chairman RC Bhargava said. He added that there was not yet a timeline for a launch in India, the world’s third-largest car market in which Suzuki commands a leading 40% share, in part due to the high cost of batteries that would push up costs for price-conscious local consumers.