New Delhi– Suzuki Motor Corporation has declared India its global production hub for electric vehicles (EVs), with plans to export EVs to markets including Japan and Europe. Despite a global slowdown in EV sales, Suzuki Motor President Toshihiro Suzuki expressed confidence in India’s potential for EV growth.
India, Suzuki’s largest market by sales and revenue through its subsidiary Maruti Suzuki, will see the launch of Maruti’s first EV, the e-Vitara mid-sized SUV, on Friday. This model will not only serve the domestic market but also be exported globally, including to Toyota Motor Corp., Suzuki’s partner.
“India’s scale merit is our strength, and we will leverage it to supply high-quality and appealing products to Europe, Japan, the Middle East, Africa, Central, and South America,” said Suzuki during a press briefing in New Delhi.
While global EV sales growth has slowed, India has maintained a promising trajectory. EV sales in the country grew by 20% last year, significantly outpacing the overall car market growth of 4%. With the government targeting a 30% EV market share by 2030, Suzuki sees significant growth opportunities.
To address concerns about range anxiety and charging infrastructure, Suzuki is expanding its charging network at service centers. The company also plans to introduce small EVs after refining its technology and manufacturing processes. Additionally, Suzuki is investing in other green technologies, including hybrids, gas, and hydrogen-powered vehicles.
Suzuki Motor has announced a $4 billion investment in India to double its production capacity to 4 million units annually by 2031, launch new models, and maintain its market dominance.
While Maruti Suzuki’s market share has declined to 40% from over 50% in 2020 due to increased competition from Hyundai and Tata Motors, the company aims to reclaim its leadership position.
“India, now the third-largest auto market in the world, is the focus of global attention,” Suzuki stated, underscoring the country’s pivotal role in the automotive industry.
