Maruti Suzuki presents EV strategy 3.0
The Indian automobile manufacturer Maruti Suzuki presents its ‘Maruti Suzuki 3.0’ strategy. The company aims to launch six new electric vehicles by 2031 and targets 60 per cent of sales coming from EVs.
The 60% sales rate is not the final target, however, and Maruti adds that it is aiming for 25% sales from hybrid models and 15% from alternate fuel mix such as CNG, biogas, flex fuel. In addition, Maruti wants to “categorically expand manufacturing capacity from the existing 2.25 million units to around 4 million units” by the financial year 2031.
The company already maintains a rather large electrified vehicle offering, as Maruti Suzuki India asserts, “ranging from entry-level hatchback to full-sized SUVs”. By the financial year 2030-31, R C Bhargava, Chairman of Maruti Suzuki India, expects they could have about 28 different models.
The company showcased a prototype EV at the Delhi Motor show in January 2023. “This is a mid-segment SUV with a range of 550km and battery capacity of 60 KWH,” explained H Takeuchi, MD and CEO of Maruti Suzuki India. The EV will be manufactured by Suzuki Motor Gujarat.
“Semiconductor shortages still impacted production but to a lesser extent. I expect that during the current year, there will be further improvements, though normalcy in supplies will still not be achieved. We now have four very well-accepted SUVs in the market and are on our way to assume leadership in this segment,” added Bhargava in his message to shareholders: “We will gradually keep increasing our market share that had declined in the last 2-3 years. Since there are no prospects of demand for the smaller entry-level car market recovering to the growth rates of the past, we are restructuring our production facilities to conform to the realities and what we are projecting for the future.”