Japanese automotive maker Suzuki Motor Company on Monday mentioned it would proceed to increase SUV portfolio in India to recuperate its general market share within the passenger car section. The corporate, which presently has round 58% stake in Maruti Suzuki India, mentioned its internet gross sales elevated by 732.6 billion yen (15.8%) year-on-year to five,374.3 billion yen for the final monetary yr.
Working revenue elevated by 115 billion yen (32.8%) YoY to 465.6 billion yen.
“We’ll proceed to advertise the enlargement of our SUV fashions (in India) and intention to recuperate our complete passenger automotive share,” Suzuki Motor Company mentioned in an announcement.
Presently, Maruti Suzuki sells SUV (sport utility car) fashions like Brezza, Jimny and Grand Vitara within the home market.
The corporate’s market share has come right down to round 42% from over 50% a few years again within the home passenger car section on account of restricted choices within the SUV section.
With the market demand rising for SUVs, the corporate is within the means of bolstering its presence within the section and regaining its market share.
Suzuki Motor Corp mentioned that in April 2024, a brand new manufacturing line with an annual capability of 1 lakh items began operations on the Manesar plant.
The corporate mentioned it plans to safe a manufacturing capability of round 40 lakh items in India by FY2030.
Suzuki Motor Corp mentioned it expects report gross sales and earnings this fiscal resulting from increased unit gross sales.
“The corporate is compiling methods in numerous fields, together with expertise, and can announce the brand new mid-term administration plan by the top of FY2024,” it said.
