The race to manufacture electrified cars is prevalent in the industry as Maruti Suzuki announces its ambitious plans for 2031. At the moment, the largest carmaker in the country, Maruti Suzuki, is not offering any electric cars in our market. It has over 41% market share of the third-largest automobile market in the world. However, there are just a handful of hybrid powertrains its offers. It goes without saying, that it needs to up its electric game rapidly. At the Auto Expo 2023 in New Delhi, Maruti announced that it could launch its first EV, eVX, by 2024-25. Now, it has created an elaborate plan, Maruti Suzuki 3.0, for the coming 7-8 years.
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Maruti Suzuki Electrified Cars Sales by 2031
Addressing the shareholders, Maruti Suzuki Chairman R C Bhargava said, “The challenges before the company are unprecedented. It took us 40 years to create a capacity of 2 million units and SMC (Suzuki Motor Company) helped in this process by establishing the Gujarat facility.” Bhargava adds that the task of managing all the issues relating to the production of 40 lakh units a year possibly requires reorganisation of the company, keeping in view the interests of the shareholders and stakeholders. “We will, as soon as possible, announce what we are proposing.” He is referring to the strategy to produce over 40 lakh cars per year by 2031.
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Out of these 40 lakh, the plan is to have over 10 lakh hybrid vehicles and 6 lakh electric vehicles. In addition, there will be at least 6 EVs in the portfolio of 28 vehicles. Furthermore, it will need to increase its manufacturing capacity by 75% from 22.5 lakh units currently to 40 lakh units by 2031. In addition, the largest carmaker in the country wants to export over 7.5 lakh units by 2031 compared to around 2.5 lakh units at the moment. All these plans form what the company is calling Maruti Suzuki 3.0.
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6 New EV Models
Bhargava was also quoted saying, “By 2030-31 we expect to have six EV models. These models are expected to comprise 15-20 per cent of our total sales by that time. The conditions in India require that the attainment of carbon neutrality in the transportation sector should be achieved by a mix of technologies that are appropriate to our resource endowment and economic conditions. The use of hybrid technology, ethanol, compressed bio-gas and CNG will help us reduce our carbon footprint faster than relying only on any one technology.” It indicates Maruti’s inclination toward focusing on alternative fuel sources as well.
