Maruti Suzuki, the renowned Indian automobile manufacturer, has revealed its forward-looking ‘Maruti Suzuki 3.0’ strategy. This ambitious strategy entails the launch of six new electric vehicles (EVs) by the year 2031, with a resolute objective of achieving 60% of its sales from the electric segment.
However, this target of 60% electric vehicle sales is not set in stone, as Maruti Suzuki has articulated a broader vision that encompasses a diversified propulsion approach. The company is striving for 25% of its sales to be derived from hybrid models, further embracing environmental sustainability. Additionally, it aims to secure 15% of its sales from alternative fuel sources such as compressed natural gas (CNG), biogas, and flex fuel variants. Moreover, Maruti Suzuki is poised to undertake a substantial expansion of its manufacturing capacity, planning to elevate its output from the existing 2.25 million units to an impressive 4 million units by the conclusion of the financial year 2031.
The automotive conglomerate has already established a notable presence in the realm of electrified vehicles, boasting a comprehensive range that spans from entry-level hatchbacks to full-fledged SUVs. Looking ahead to the fiscal year 2030-31, R C Bhargava, the esteemed Chairman of Maruti Suzuki India, envisions a potential proliferation to encompass approximately 28 distinct models within this spectrum.
To underline its commitment to this transformative path, Maruti Suzuki presented a prototype electric vehicle at the Delhi Motor Show in January 2023. H Takeuchi, the Managing Director and CEO of Maruti Suzuki India, elucidated that the showcased mid-segment SUV boasts an impressive range of 550 kilometers and is empowered by a substantial battery capacity of 60 kWh. Notably, this electric marvel is set to be produced by Suzuki Motor Gujarat, reaffirming the brand’s dedication to harnessing innovation in manufacturing.
Acknowledging the prevalent challenges posed by semiconductor shortages, Bhargava shared insights into the production landscape. While acknowledging the residual impact of supply constraints on production, he expressed optimism about witnessing gradual improvements in the ongoing year. Despite the journey to restore supply normalcy remaining ongoing, the chairman emphasized Maruti Suzuki’s impressive lineup of four well-received SUVs in the market, underlining their commitment to leadership within this competitive segment.
In a communication directed at the company’s shareholders, Bhargava voiced a strategic outlook: “We remain committed to progressively enhancing our market share, which witnessed a decline over the past 2-3 years. Given the constrained growth prospects within the smaller entry-level car market, we are diligently restructuring our production facilities to align with the realities and projections that shape our future trajectory.”
