Maruti 3.0 plans to add 28 new models, including six EVs, by FY31: Report
Hindustan TimesMaruti Suzuki India is kicking off 'Maruti 3.0' targeting to add another 20 lakh units-production capacity in nine years with about 28 different models in the market by FY31, according to the company's chairman R C Bhargava. As SUV sales continue to gain momentum in India with no prospects of demand for the smaller entry-level car market recovering to the growth rates of the past, the company, known for its small cars, is now restructuring its production facilities to "conform to the realities and what we are projecting for the future", he said in his address to the company's shareholders in the Annual Report for 2022-23. Bhargava also said while the Indian car industry is not expected "to grow in double digits, like what happened in China in the past, we do expect that a 6 per cent growth rate will be maintained till FY 2030-31". Maruti Suzuki expects the demand for exports to continue to grow and export volumes are projected at 7.5 lakh to 8. lakh cars by FY 2030-31, he said, adding the domestic plus export requirements have made it necessary for the company to add another 20 lakh units manufacturing capacity. On the growth prospects of the Indian car market, he said, "While we do not expect the car industry to grow in double digits, like what happened in China in the past, we do expect that a 6 per cent growth rate will be maintained till FY 2030-31."