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Maruti Suzuki targets record exports and expands electric portfolio
Industry News- Oct 16,23
Maruti Suzuki plans to gradually expand its range of vehicles running on alternative fuels. To achieve this, the company intends to incorporate hybrid or electric vehicles into its export offerings.
Maruti Suzuki, India's largest carmaker, is aiming to achieve record exports in the financial year 2023-24 (FY24) as part of its goal to triple its overseas sales by the end of this decade, according to a report. This objective aligns with the government's ambition to establish the country as a global automobile manufacturing hub. Additionally, Maruti Suzuki plans to gradually expand its range of vehicles running on alternative fuels. To achieve this, the company intends to incorporate hybrid or electric vehicles into its export offerings, as stated by a senior official to the newspaper.
In the previous financial year 2022-23, Maruti Suzuki achieved its highest-ever exports, totalling 259,333 units. The company aims to increase this number to a range of 750,000-800,000 units by the year 2030. Maruti's strategy is expected to play a pivotal role in India's efforts to enhance its presence in the global trade of automobiles and parts. This expectation is reinforced by Maruti Suzuki's dominant position in India's domestic car market.
Rahul Bharti, the Executive Director at Maruti Suzuki, expressed optimism about the company's export performance, stating, "In the last two years, we have experienced a significant increase in our export volumes. This year, we are confident that our performance will surpass that of the previous year."
Bharti revealed that Maruti Suzuki accounts for 40% of passenger vehicles exported from India. While the company exports vehicles to over 100 countries, its primary markets are in Latin America, Africa, West Asia, and Southeast Asia, as reported.
During the first six months of the current financial year, Maruti Suzuki exported a total of 132,542 vehicles. In the same period, its South Korean competitors Hyundai and Kia collectively shipped around 130,652 units from India, making Maruti the leading exporter in the country.
The top five export destinations for Maruti Suzuki are South Africa, Saudi Arabia, Chile, the Philippines, and Indonesia. Despite global uncertainties, Bharti expressed confidence in the export opportunities for the company.
Source: Business Standard
Maruti Suzuki
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automobile manufacturing hub
India
FY24
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alternative fuels
domestic car market
export destinations
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