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

Xiaomi pumps Rs 3,500 crore into India business

BlackBuck's out to raise $150M in new round, valuation likely to jump to $800 M

With $21 Billion, Azim Premji among world’s top philanthropists

Google agreed on a $45M exit package for India-origin exec accused of sex abuse

HSBC pegs Zomato's valuation at $3.6 billion ahead of Swiggy

PayU in talks to acquire online payments firm Wibmo for $60M

Quikr close to acquiring refurbished goods marketplace Zefo in all-stock deal

What life looks like after a layoff from an IT company

General Atlantic & Tencent pump in another Rs 80 Cr in ed-tech unicorn Byju's

US Senator Warren vows to break up Amazon, Facebook, Google

SoftBank extends tech reach with $5B Latin American fund

Coverfox hits the market to raise $50M in new financing round

Cognizant faces US lawsuit alleging discrimination

China's Huawei sues US over federal ban on using its products

Germany's Delivery Hero acquires Zomato's UAE biz, invests in India ops

Ahead of deadline, debate rages on e-commerce policy

Flipkart rejigs reporting of Myntra-Jabong head Amar Nagaram

Grofers raises fresh funds from existing investors, valuation hits $425M

Sachin Bansal invests Rs 250 Cr each in NBFCs Altico & IndoStar: Report

I-bank Wolet files $800k suit over Flipkart’s Upstream buy

Flipkart FY18 revenue up 50%, but losses grow 5x

Pine Labs in talks to acquire Amazon-backed Qwikcilver for $100M

India can become 2nd largest 5G market in 10 years: Huawei

Alibaba rival Pinduoduo seeks to raise $1.5B

Twitter Q4 revenue grows to $909M as video ad sales surge

Mukesh Ambani to invest $1.4B in West Bengal, will help e-commerce expansion

Etail may lose Rs 40,000 crore, retail to get a 3rd of it

Steadview Capital invests $74M in Ola valuing it at around $6B

Byju’s ups revenue to Rs 490 cr in FY 18, losses drop by half

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

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

Qualcomm rejects Broadcom's $103 billion offer

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