Maruti Suzuki India Ltd to reportedly double its production capacity by the end of 2030.
Maruti Suzuki India Ltd, which is the country's top carmaker, is all set to likely invest more than $5.5 billion with an aim to double its production capacity to four million vehicles a year by the end of 2030.
The same was reported by Economic Times, which cited an industry executive saying that the cost outlay can go up, and it depends on the timelines for the units’ commissioning and cost escalation. Construction for the first unit at Haryana’s Kharkhoda has already begun. Maruti Suzuki, meanwhile, has a total installed capacity of 2 million units in Gujarat’s Mahesana and Gurugram’s Manesar.
MSI Chairman RC Bhargava also confirmed that Maruti Suzuki India Ltd has got the nod to add capacity of up to one million units at the Kharkhoda plant. He added that the company has also got the in-principle approval for another one million units at a new site. The 4 million capacity that is planned will have one million from exports and original equipment manufacturers (OEM) sales.
The remaining capacity planned will enable Maruti Suzuki India Ltd to achieve its 50 per cent market share, up from the current 41 per cent in 2022-23. RC Bhargava added, “Our intent is to get back our market share as close as possible to the 50 per cent we have had in the past”.
Not just that, the company is also looking at more launches in the SUV and electric vehicle (EV) segments. Being the largest passenger vehicles (PVs) exporter from India for the second year in a row in FY23, it is also looking to target at least 7,50,000 exports by the end of the decade, which is clearly up from the 2,59,000 units in the last fiscal.
In another news, Maruti Suzuki India Ltd. saw its shares of ad spending on digital stabilising at being about a third of the overall pie, and it has gone up tp 30-32 percent of the overall spending now,
Maruti Suzuki India Executive Director for Marketing Ram Suresh Akella told PTI, "I think we are almost there…may be a little more.”
