India's Maruti Suzuki plans to double production capacity
- By Reuters -
- Aug 29, 2023
Maruti Suzuki India plans to double its production capacity to 4 million over the next eight years, India’s top carmaker by sales said at its annual general meeting on Tuesday.
The carmaker also expects export volumes to touch 800,000 cars by fiscal 2031, Chairman R.C. Bhargava told shareholders at the meeting. As of fiscal 2023, it exported 259,333 cars.
The comments came a month after Maruti reported a better-than-expected quarterly profit on strong orders and forecast a rise in its average selling prices in the subsequent quarters.
Earlier this month, the carmaker revealed a plan to buy its Japanese parent Suzuki Motor’s plant in Gujarat, in a bid to get a better grip on production, including that of electric vehicles.
Maruti Suzuki plans to roll out six EVs by 2030, each of which will be produced at the Gujarat plant.