Image: Amit Verma
There is no stopping India’s largest car maker. On July 23, Maruti Suzuki announced the production of its 20th million vehicle. It achieved the milestone in its 34th year of operation. Significantly, the company produced 10 million vehicles in just eight years between 2011 and 2018.
Maruti Suzuki began operations in India in 1983 and controls over 50 percent of the Indian car market. Over the past six years, despite the entry of many foreign car makers in the Indian market, Maruti Suzuki has held its own and added over 10 percent to its market share.
The company is targeting an annual production of 3 million units by 2025, signalling its intent to consolidate its position as the country’s top car maker. Maruti also expects electrification and alternative fuels to drive sales in the future, particularly in the backdrop of fragile energy prices.
“As we gradually increase the percentage of electrified vehicles, a large number of internal combustion engine vehicles would also be produced to meet the total demand,” RC Bhargava, Maruti Suzuki’s chairman, said in the company’s annual report.
In 2018, Maruti Suzuki had an annual revenue of ₹81,994 crore with a net profit of ₹7,721 crore. Between April and June this year, the New Delhi-headquartered company sold 463,000 cars. It also exports to over 100 countries in Europe, Japan, Asia, Africa and Latin America.