New Delhi: Suzuki Motor Corporation, the leading car manufacturer in India, announced on Monday that it will continue to grow its SUV line in India to regain its overall market share in the passenger vehicle segment.
The business, which presently owns approximately 58 percent of Maruti Suzuki India, stated that net sales climbed by 732.6 billion yen (15.8 percent) year on year to 5,374.3 billion yen in the previous fiscal year. However, company's market share in the domestic passenger vehicle segment has decreased from over 50 percent a few years ago to roughly 42 percent due to limited options in the SUV segment.
At present, the car company delivers 4 SUVs for the Indian market - the Brezza, Fronx, Jimny, and Grand Vitara. Three more cars in the the segment, all elective vehicles (or EVs), are expected to arrive soon. These include the eVX, and the EV variants of already-existing models Wagon R and Fronx.
With market demand for SUVs increasing, and the introduction of several mid-range variants like the TATA Punch and Nissan Magnite, the company is working to strengthen its presence in the class and regain market dominance. Suzuki Motor Corp announced that in April 2024, a new production line with an annual capacity of 1 lakh units will begin operations at the Manesar factory. The business stated that it expects to establish a production capacity of around 40 lakh units in India by FY2030.
Meanwhile, the company is forecasting record sales and earnings this fiscal year due to increased unit sales.
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