Suzuki Motor Corp. plans to maintain its dominant position in the automotive market in India. While the company is focusing more on hybrid technology, the sector is gradually shifting towards electric vehicles. To tackle this issue, Maruti Suzuki is gearing up to launch its first EV in India, the eVX, in 2025.
For the Japanese automaker, the Indian market is crucial. Recently, India became the second country after Japan to reach the major production mark of 30 million vehicles.
Since its inception in 1983, Maruti Suzuki has been involved with the transformation of the Indian car industry. Although competitors continuously pose challenges nowadays, new opportunities arise with electric and hybrid technologies. Kenichi Ayukawa, the Executive Vice President of Suzuki Motor Corp. remains confident about holding the top position.
In a Bloomberg interview, Ayukawa highlights India’s economic strength and the expanding middle-class population, noting that these factors will propel the country’s passenger vehicle market.
Kenichi Ayukawa said:
We’re confident that the Indian market will expand in the mid to long term. We’ll develop products, invest and expand our network.
Maruti Suzuki’s Transition to EVs
Maruti Suzuki still depends on its highly popular models like the Swift, WagonR, and Brezza for its market push in India. However, the shift to electric vehicles is inevitable. Therefore, the upcoming Maruti Suzuki electric car, eVX, could reveal the company’s commitment to EVs.
Some critics claim that Maruti Suzuki has fallen behind and arrived late to the EV segment. Nevertheless, others believe that India’s electric passenger vehicle market is limited and has considerable growth potential.
The Japanese automaker expects that EVs will account for 15 percent of its sales in India by 2030, reflecting a highly ambitious target. This expectation is relevant because the Maruti Suzuki eVX will be a premium offering. According to Ayukawa, India is a price-conscious market. Also, he noted that environmental concerns will drive the adoption of electric vehicles in the country.
eVX and the Future
Maruti Suzuki isn’t only relying on the eVX. It is instead diversifying its approach. The automaker also plans to introduce more budget-friendly models after launching eVX in India. The Wagnor EV, seen during test runs in India, could be the next electric car for the company. Additionally, the global partnership with Toyota will undoubtedly provide a significant boost to Suzuki.
Moreover, Suzuki identifies opportunities in CNG vehicles, which are more affordable than gas-powered cars in India. In the latest fiscal year, Maruti Suzuki achieved sales of 483,000 CNG cars, reflecting a 47% rise from the previous year.
