Suzuki Motor Corporation (SMC) from Japan reiterated its ambitious target on Tuesday, aiming to sell 3 million passenger vehicles in India by 2030. This emphasizes the company’s dedication to doubling its manufacturing capacity in the country, with a goal of reaching 4 million units over the next ten years. India remains SMC’s largest market, as reported by a business daily.
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15% of Projected Sales to Come from Battery Electric Vehicles (BEVs)
Suzuki Motor Corporation expects the Indian passenger vehicle market to grow from just over 4 million units in 2023-24 to 6 million units by 2030, In line with this, it is preparing for significant expansion. Maruti Suzuki India Ltd, the local subsidiary of SMC, is aims to increase its market share to 50% the end of the decade. Currently, it enjoys a 42% portion of the sales pie. Maruti feels 15% of its projected sales will come from battery electric vehicles (BEVs).
While several domestic original equipment manufacturers (OEMs) have set more ambitious targets for electric vehicle adoption by 2030, with goals ranging from 25% to 30% of total passenger vehicle sales, Maruti’s strategic focus revolves around hybrid vehicles. The company envisions that hybrids will constitute 25% of its sales by the end of the decade. Maruti Suzuki plays a pivotal role in Suzuki Motor Japan’s global operations. In the fiscal year 2021-22, India accounted for 39% of SMC’s total global revenue at 1,788 billion yen, surpassing Japan’s 1,212 billion yen. Furthermore, other global markets in Asia, Europe, and America contributed 1,641 billion yen.
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Leading CNG Carmaker of India
Maruti Suzuki continues to strengthen its position as the leading manufacturer of CNG-equipped vehicles in India. It enjoys a whopping 74% of the total CNG passenger vehicle market share. In Q2 2023, the launch of new SUVs by Maruti significantly bolstered sales.. This even contributed to India’s role in SMC’s overall performance. As per Suzuki, the surge in net sales is a result of –
- Adjustments in response to inflation
- Improved product mix with the introduction of new SUVs
- Increased sales volume counteracting the impact of semiconductor shortage
- Effects of foreign exchange rates.
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