Electric vehicles are becoming more prevalent on our roadways even as petrol costs remain static. Additionally, all of the rivals are expanding their EV portfolios while Maruti Suzuki is like Innocent from the Mithunam movie. Plans for electrification are clear for the Indo-Japanese company.
The ‘Maruti Suzuki 3.0’ annual integrated report for the fiscal year 2022–2023, newly released by Maruti Suzuki India Limited (MSIL), includes a strategy for EV development. By 2022–2031, the company’s annual production will increase from about 20,000 cars to almost 2 million. More than 27 million satisfied clients currently patronise the company both domestically and internationally in more than 100 different countries.
When we were a public enterprise, that was our initial stage. The Covid epidemic marked the end of the second stage. The third-largest market in the world for cars is now India. Reaching a 2 million unit manufacturing capacity took 40 years. Suzuki contributed to the process by establishing the Gujarat facility. Regarding the Maruti Suzuki 3.0 business plan, MSIL Chairman RC Bhargava stated that the company “needs to add another 2 million in 9 years.”
The biggest automakers in the nation are also in the lead for exporting. In the past year, Maruti shipped 2.59 lakh vehicles. By FY 2030–31, exports are projected to reach 7.50–8 lakh units as a result of rising demand. The company’s Maruti Suzuki 3.0 initiative intends to introduce new models and technology while lowering carbon emissions and increasing production capacity.
Several electric automobiles from Maruti Suzuki will enter the market during this time. More than 1.5 million electric vehicles will be introduced by Maruti Suzuki by the financial year 2030–31. The Maruti Suzuki 3.0 project will add 28 cars to Maruti Suzuki’s domestic portfolio. With the help of these enormous initiatives, Maruti hopes to produce more than four million cars annually.
These will include automobiles using conventional fuels in a 60 percent share. One million or about 25% of the vehicles will be hybrids. Battery electric vehicles (EVs) will make up 15–20%. It was previously announced that Maruti would introduce six new electric vehicles by the fiscal year 2030–31. Maruti Suzuki, however, is now reiterating this in its 3.0 business strategy.
3.2 million of the anticipated 4 million units will be sold on the domestic market. In this time frame, Maruti Suzuki will produce 40 percent of its vehicles as hybrid or electric variants. The 2023 Auto Expo included the eVX Concept, Maruti Suzuki’s first electric vehicle.
The car’s debut is anticipated for 2025. The company’s first electric vehicle will be the eVX concept, which will eventually go into production. The internet has been flooded with images of the car being tested in Europe. In order to gain market share in Japan and Europe, Maruti Suzuki will produce additional models on the new EV platform in addition to India.
Instead of rushing to the electric vehicle, Maruti Suzuki is concentrating on hybrids and other fuels. The company is making significant investments in alternative fuels such compressed biogas and ethanol in addition to its wide CNG lineup. Maruti Suzuki, however, takes cautious steps because it is well-aware of the Indian market. They anticipate it will produce results.