Maruti Suzuki's ambitious plan: Targets 4 million annual car production by 2031
Delhi : Maruti Suzuki is to invest a staggering 45,000 crore to treble its annual production capacity in the following eight years. With the influx of investments it is making to increase manufacturing capacity, Maruti Suzuki India's chairman, RC Bhargava, allegedly stated on Tuesday that the carmaker expects to produce 40 lakh cars yearly by 2031. This occurs at a time when Maruti Suzuki wants to take the lead as new technologies are introduced to the Indian auto sector and the rest of the global auto industry.
While Tata Motors, Hyundai, MG Motors, Mahindra, and numerous luxury car companies have previously debuted their own products in the country's electric car segment, Maruti Suzuki, despite being the largest automaker in India, is yet to enter the market. Speaking on this, Bhargava acknowledged that the business had entered the market later than anticipated but felt that this would not have a negative effect on the brand because it would not prevent it from gaining a sufficient market share.
Additionally, he stated that Maruti Suzuki plans to introduce six electric vehicles by the end of the decade, giving it a dominant position in the market. Yes, we launched EVs later than some firms, but it does not mean we are late to the market or that, when we arrive in 2024 or 2025, we will have compromised in any way our potential to gain a sufficient market share, he continued.
In the coming days, Maruti Suzuki will place a greater emphasis on a variety of new technologies, including electric cars, hybrids, CNG, ethanol, and compressed biogas, according to Bhargava, as the company strives to develop greener and cleaner powertrain technology. In discussing these technologies, he added that it is challenging to forecast what will occur in the following eight to ten years.
Bhargava added that Maruti Suzuki had achieved the milestone of annual production and sales of 20 lakh units. By achieving the 40 lakh unit yearly manufacturing and sales milestone, it is now seeking to treble that number, he said. The strategy, known as "Maruti 3.0," by the automaker, is to increase manufacturing capacity by another 20 lakh units by FY 2030–31, with roughly 28 different car models on the market.
The future will be highly tough and unknown, according to the chairman of Maruti Suzuki. The age that lies ahead of us will be exceedingly uncertain and difficult. We will spend close to ₹45,000 crore just to put up these two million autos. Depending on inflation, we now estimate that two million cars will cost roughly ₹45,000 crore, according to Bhargava.
