Maruti Suzuki aims to produce 2 million units by March 2023.

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Maruti Suzuki aims to produce 2 million units by March 2023. With more semiconductors readily available, Maruti Suzuki says it plans to increase production to 20 lakh units in the current fiscal year. The upcoming Grand Vitara midsize SUV will be a key driver in the company’s aim to reach 2 million units, according to Maruti chairman RC Bhargava in his address to the company shareholders in the company’s annual report for FY2022.

In the first quarter of FY2023, the automaker produced more than it did in the same period the previous year, totaling 4,54,161 units, representing a 26 percent increase. It is likely that Maruti Suzuki will reach the 20 lakh units target by the end of March 2023 given the rising demand for many of its models. Follow For More Updates at Worldrapiddnews.com

Maruti Suzuki aims to produce 2 million units by March 2023.

Availability of chips to boost output

Speaking about the outlook for FY2023, Bhargava expressed confidence that the increased availability of semiconductors would lead to an increase in vehicle production. He cited one of the causes of the increase as the impending release of the Grand Vitara midsize SUV, which will compete with the Toyota Creta and be produced at the Toyota factory in Karnataka alongside the Urban Cruiser Hyryder.

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To offset the decline in sales of entry-level hatchbacks, the company’s core segment, Maruti will need to update its SUV lineup. Due to rising costs, sales of Maruti Suzuki’s entry-level hatchbacks decreased by 5% in FY2022 compared to FY2021.

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The automaker previously lacked sufficient models in the rapidly expanding SUV segment. Bhargava claimed that the introduction of the new Brezza and the upcoming Grand Vitara has significantly improved the situation. More SUVs from the brand will follow, he added.

Maruti Suzuki makes an $11 billion investment in its new plant.

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Bhargava claimed that Maruti Suzuki has finalized the land purchase for its new manufacturing plant in Kharkhoda, Haryana, where it is investing Rs 11,000 crore for the first phase, in order to meet future demands. The second unit will go into service about a year after the first, he continued. Bhargava claimed that the facility has the potential to grow to be “one of the largest car manufacturing sites anywhere in the world” depending on the state of the market.

Maruti Suzuki aims to produce 2 million units by March 2023.  Maruti Suzuki aims to produce 2 million units by March 2023. download 12 24
Maruti Suzuki aims to produce 2 million units by March 2023.

In response to questions about Maruti’s electrification plans, the chairman stated that EV production will begin at Suzuki’s Gujarat plant in FY2025, reiterating the fact that it will take time for EVs to gain traction across all car market segments. In the interim, the automaker will consider using CNG, ethanol, biogas, and powerful hybrids to lessen its carbon footprint.

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