Expect India to be 3rd-biggest car market by 2020: Suzuki

Geneva: Suzuki Motor Corporation (SMC) expects India to grow into the third-biggest car market in the world by 2020 and is "determined" to play a big part in that growth.

The company, whose arm Maruti Suzuki India commands nearly 50 per cent of the passenger vehicle market in the country, has already started operations at its new plant in Gujarat as part of the plan to raise its total production to 2 million units by 2020.

"India is expected to grow into the third-biggest car market in the world by 2020 and we are determined to play a big part in that growth," said Kinji Saito, Executive General Manager and Managing Officer (Global Automotive Operations), Suzuki Motor Corporation, at the Geneva Motor Show here.

He said that in India, Suzuki has been the market leader for decades, with nearly 50 per cent share. The company plans to introduce more new products in India even as it gears up to meet additional demand by increasing its production capacity.

"In fact, we started operations at a new plant last month on the way to increasing our total capacity in India to two million units," Saito added.

The Gujarat plant is envisaged to have an installed capacity of 7.5 lakh units annually. MSI's two units at Gurugram, earlier known as Gurgaon, and Manesar have a total production capacity of 1.5 million units annually.

Maruti Suzuki India (MSI) is accelerating product introductions with an eye to strengthen its hold in the Indian market. As part of its 2020 target, the company had earlier said it would bring in 15 models by then.

In the next fiscal, MSI plans to introduce four new products. It has has been bringing about two new products each year in the past couple of years. The company will launch the all-new third generation Swift, which was unveiled here, in India in the spring of 2018.

It is also gearing up for the upgraded version of its premium crossover S-Cross later this year. In April to February this fiscal, MSI has sold around 13 lakh units. Globally, SMC sold 2.9 million units 2016, Saito said.

Shoot

Trending News

Spotify's direct listing plan could be a cue for India Inc

Google's Cloud AutoML makes it easier to build custom machine learning models

WhatsApp UPI payments to go live soon, as early as next month

Reliance Jio not preferred operator for MNP: Report

TCS wins $6 billion in contracts in a month

Fashion e-comm firms like Flipkart, Myntra uncover fake product returns

Indonesia's Pundi X looks to launch crypto PoS network in India later this year

WeChat to resurrect tipping button after agreement with Apple

BlackBerry launches cybersecurity software for self-driving cars

Xiaomi said to choose Morgan Stanley, Goldman Sachs among banks for IPO

Rivigo closes $50M Series D funding led by Warburg Pincus & SAIF Partners

Chinese bike-sharing firm Ofo may team up with Paytm

Blockchain pumping new life into old-school tech firms like IBM

Apple faces lawsuits after saying it slows down aging iPhones

BigBasket crosses Rs 1,000-crore sales mark in FY17

Cleartrip eyes new market through Local services

Dairy supply chain startup MilkLane ensures high quality milk for consumers

PolicyBazaar in talks with bankers for a $1.5 billion IPO valuation

RBI should ensure fair MDR share: Digital Payment firms

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Toyota, Suzuki to produce electric vehicles for India market by 2020

Qualcomm rejects Broadcom's $103 billion offer

Fashion e-tailer Voonik asks staff to forgo 3 months' salary

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities