Maruti is aiming to sell approximately half a million EVs per annum by FY2031, which will be around 15% of its overall sales
Although Maruti Suzuki is a late entrant in the electric car segment, the company is looking to step up focus in this space. There are plans to launch at least 6 electric vehicles by the end of this decade. Maruti’s first EV will be eVX compact SUV that will rival the likes of upcoming Hyundai Creta EV and Tata Curvv EV.
Maruti to export EVs, battery cells and battery packs
Along with the domestic market, Maruti Suzuki will also target exports of its EVs. In addition, the company will also be exporting advanced lithium-ion battery cells and battery packs. The exports are targeted to commence this year itself. The export markets for EVs and related components include Japan and European countries.
Speaking about the plans, Maruti Suzuki India Executive Director Rahul Bharti said that the company is looking at exports worth Rs 750 crore in the current financial year. The exports will include battery cells, battery packs and modules.
Maruti Suzuki sources the battery cells and packs from the Automotive Electronics Power Private Ltd (AEPPL). This entity is a joint venture between Maruti’s parent company Suzuki Motor Corporation and Toshiba Corporation and Denso Corporation. The components are manufactured at a lithium-ion battery plant location in Hansalpur, Gujarat.
Suzuki to invest 3,200 crores to boost BEV production
Suzuki Group has allocated funds worth Rs 3,200 crores for the expansion of Suzuki Motor Gujarat (SMG) plant. It currently has a production capacity of 7.5 lakh units per annum. The fourth production line will add 2.5 lakh units per year, thereby increasing the overall production capacity of the plant to 1 million units per year. This new production line will cater exclusively to Maruti’s upcoming electric cars. It is to note that Suzuki Motor Corporation has around 58% shareholding in Maruti Suzuki.
Suzuki is also setting up a new plant in Gujarat. An investment of Rs 35,000 crores has been earmarked for the project. The new plant will have a production capacity of 1 million units per annum. With increased production capacity, Maruti will be able to handle rising demand for its cars across both domestic and international markets. Apart from BEVs, Maruti will also be focusing on other fuels such as CNG, flex fuel, biogas and hybrid electric vehicles. By FY 2030-31, the company will have a total of 28 models in its portfolio. It has 18 models as of now.
This year, Maruti will be launching the Creta EV-rivalling eVX compact SUV. In 2024, Tata will be introducing the Curvv ICE and EV models. Creta EV is expected to debut this year around the festive season. It will be a new battleground and difficult to say who will take the lead. Maruti is also working on a new entry-level EV that will primarily rival Tata Tiago EV. Based on a new born electric K-EV platform, the small EV is expected to give a big boost to the company’s EV goals. It will be launched in 2026-27.
