Maruti Suzuki has announced that 15-20% of its new car sales by 2031 would comprise of electric cars. Presently, Maruti Suzuki, the country’s largest car manufacturer, does not have any electric vehicles available in our market, despite holding more than a 41% market share in the world’s third-largest automobile market. Although it does offer a limited number of hybrid powertrains, it’s evident that the company needs to accelerate its efforts in the electric vehicle sector. Maruti made an announcement during the Auto Expo 2023 in New Delhi, indicating its intentions to potentially introduce its first EV, named eVX, by 2024-25. Furthermore, Maruti Suzuki has outlined a comprehensive plan known as Maruti Suzuki 3.0, which is set to shape the company’s strategies and direction for the next 7-8 years.
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Maruti Suzuki Electric Cars
The Indo-Japanese carmaker has announced that it would invest Rs 1.25 trillion in India by 2031. This would lead to the development of 10-11 new models including 6 EVs. That is an ambitious and exciting strategy to electrify its portfolio. The other cars would have hybrid and flex-fuel (Ethanol, CNG, CBG) powertrains. Another key announcement confirms that most of these would be SUVs. That is in line with the global trend of people opting for SUVs instead of traditional hatchbacks and sedans.
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Maruti Suzuki expects EVs to make up 15-20% of its total sales by 2031. The announcement said, “Another 25% could be hybrids, and the rest would use ethanol, CNG (compressed natural gas) and possibly CBG (compressed biogas). It took nearly 40 years for Maruti Suzuki to reach a scale of approximately 2 million units, and now it is looking to add another 2 million units in just 7-8 years. Of this volume of 4 million, over 3 million units are planned to be sold in the domestic market, including sales to other original equipment manufacturers (Toyota), and 750,000-800,000 units are expected to be exported.”
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What We Think
We know that the electrification revolution is upon us. All major carmakers in the world are announcing their ambitious plans to go carbon-neutral by the end of the next decade. Electrification seems like the only feasible way to achieve that. Maruti Suzuki might be late to the EV party, but it has concrete plans in place to ensure that it maintains the top position in India in terms of sales. With time, the introduction of EVs will make its entire portfolio lower on emissions. Let us wait to see how the future unfolds.