Maruti Suzuki aims to make 40 lakh cars annually by 2031, focusing on new tech

Maruti Suzuki plans to invest a whopping ₹45,000 crore to double its annual production capacity in the next eight years, reported PTI. Maruti Suzuki India's chairman RC Bhargava reportedly said on Tuesday that the automaker plans to produce 40 lakh cars annually by 2031 with the influx of investment it is making to double production capacity. This comes at a juncture when the Indian auto industry like the rest of the global automobile industry is witnessing the introduction of new technologies and Maruti Suzuki is aiming to take a lead in that.

Despite being the largest car brand in India, Maruti Suzuki is yet to penetrate the EV segment, while Tata Motors, Hyundai, MG Motors and Mahindra along with several luxury car brands have already launched their respective products in the country's electric car segment. Speaking about this, Bhargava accepted that the company is late in the segment but believes that it will not impact the brand by damaging its ability to get an adequate market share in the space.

Watch: Maruti unveiled eVX EV Concept at Auto Expo 2023

He also said that Maruti Suzuki aims to launch six electric cars by the decade's end, which would give it a strong position in the market. "Yes, we are behind some companies in launching EV but that does not mean that we are late in the market or that when we are coming in 2024-25, we will have in any way damaged our ability to get an adequate market share," he added.

As Maruti Suzuki is thriving towards greener and cleaner powertrain technology, it will increasingly focus on a wide range of new technologies including electric vehicles, hybrids, CNG, ethanol and compressed biogas in the coming days, said Bhargava. Speaking about these technologies, he also said that it is difficult to predict what will happen in the next eight to ten years.

Bhargava also said that Maruti Suzuki has reached the 20 lakh units annual production and sales milestone. Now, it is aiming to double that figure by reaching the 40 lakh units annual production and sales milestone, he said. The plan will be part of the automaker's 'Maruti 3.0' strategy, under which the company is targeting to add another 20 lakh units of production capacity with about 28 different car models in the market by FY 2030-31.

The Maruti Suzuki chairman said that the era ahead is going to be a very uncertain and challenging one. "The era before us is going to be a very uncertain era, a very challenging era. Putting up these two million cars itself will cost us something close to ₹45,000 crore. It depends how inflation goes but at the moment we estimate the cost about ₹45,000 crore for two million cars," Bhargava said.