- By Divanshi Sharma
- Sun, 06 Aug 2023 01:43 PM (IST)
- Source:JND
Maruti Suzuki disclosed on Saturday that it plans to introduce 10 new models over the next seven years, including half a dozen electrified vehicles, as it seeks to double annual sales to four million units under the Maruti 3.0 strategy. The largest automaker in the nation is currently building its largest manufacturing facility in Kharkhoda, Haryana, with a total installed capacity of one million vehicles. Work to quadruple its production capacity has already begun.
Maruti Suzuki SUVs Taking the Lead
The Maruti 3.0 plan is devised after taking into account the automaker's recent success in the market with a variety of vehicles, this plan involves a stronger emphasis on SUVs and crossovers. On the other hand, Maruti Suzuki's traditional area of strength, smaller cars has seen a decline in sales. According to the article, this trend has forced Maruti Suzuki to reconsider its product strategy, favouring utility cars like SUVs and MPVS over tiny hatchbacks. "Maruti Suzuki has four very popular SUVs on the market, and we're on the verge of taking over as the segment leader. Our market share, which had decreased during the previous two or three years, will gradually grow,” Maruti Suzuki’s Chairman RC Bhargava added.
Maruti Suzuki’s Market Impact
18 Maruti Suzuki automobiles are now available for purchase in the country. In the most recent fiscal year, the company's overall sales increased 19% to 1.97 million units. 259,333 of these were exported to 100 different nations worldwide. Bhargava noted that "the future outlook is bright" and that "India is currently the world's major economy with the fastest rate of growth." In order to adapt to the shifting market conditions, Maruti Suzuki and its parent company Suzuki Motor Corporation Japan have been trying to strengthen their product lineup. Four SUVs were introduced by the business in the domestic market during the course of the previous year: the new Brezza, Grand Vitara, Fronx, and Jimny.
Maruti Suzuki Balancing Legacy with Innovation
Despite the slump in this sector, Bhargava made it clear that hatchbacks and small automobiles would continue to play a significant role in the company's overall portfolio. "These automobiles are predicted to expand at a rate of less than 2% annually, although the sector as a whole produces about a million vehicles annually, with MSIL accounting for around 70% of that number. As a result, your organisation intends to take all necessary steps to effectively meet client expectations in this market, he stated.
ALSO READ: Jeep Compass and Meridian Prices Hiked In India; Check Variant-Wise Revised Rates Here
On the heels of record revenues and profits achieved last fiscal year, the company's board of directors suggested that the dividend for 2022–23 be increased to 90 per share, the highest figure yet.