CHENNAI Affordable carmaker Maruti Suzuki plans to infuse nearly Rs 45,000 crore and double its annual capacity to 40 lakh units in the next eight years. The company has reached 20 lakh units in production and sales through 40 years and aims to double that in the next eight years, according to Maruti Suzuki chairperson RC Bhargava. He was speaking with shareholders at the 42nd Annual General Meeting (AGM) on Tuesday.
The company is targeting to add another 20 lakh units production capacity with 28 different models in the market by 2030-31. Maruti Suzuki plans to strengthen its market position with the introduction of six new electric vehicles to its portfolio, aligning with the consumer trends. The production of these vehicles is expected from 2024-25, with the roll out of the first electric vehicle in the market by 2024-25. The company has sold around 2 million cars in the 2022-23 fiscal.
The country’s biggest carmaker plans to open two new manufacturing facilities -- one at Kharkhoda in Haryana, which is under construction and expected to be commissioned in 2025. It will have the capacity of 10 lakh units per annum. It is also looking for a location for another facility with a capacity of 10 lakh vehicles per annum.
The company already has three manufacturing sites at Gurgaon, Manesar at Haryana and plans to acquire Suzuki Motor Gujarat (SMG) facility in Gujarat from parent Suzuki Motors, aiming to make electric cars. On the criticism that Maruti Suzuki is late to the EV party, RC Bhargava says though the company is behind some companies in launching EV but that doesn’t mean it is late in the market.
“When we launch in 2024-25, we will have in no way damaged our ability to get an adequate market share,” said Bhargava. Maruti lost its dominance with its market share shrinking from 50% to 42% in 2022 due to a host of changes including preferences of SUVs, slowdown in small car sales and onset of electric vehicle era.
To produce additional 20 lakh units
Firm is targeting to add 20 lakh units production capacity with 28 models by 2030-31. Maruti plans to strengthen its market position with the introduction of six new electric vehicles to its portfolio, aligning with consumer trends
To open two new facilities
Country’s biggest carmaker plans to open two new manufacturing facilities - one at Kharkhoda in Haryana, which is under construction and expected to be commissioned in 2025. It will have capacity of 10 lakh units per annum