Maruti to launch its first EV in FY24, a year ahead of schedule

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Maruti to launch its first EV in FY24, a year ahead of schedule

 

The company’s first electric vehicle will be based on the eVX concept which was showcased at the recently concluded Auto Expo and was unveiled by Toshihiro Suzuki, president Suzuki Motor Corporation (SMC).

The electric vehicle (EV) market is set to heat up with Maruti Suzuki preparing to roll out its first car in the segment in FY24 — a full year before the schedule. The company will launch one electric car every year till 2030 thereafter.

The company’s first electric vehicle will be based on the eVX concept which was showcased at the recently concluded Auto Expo and was unveiled by Toshihiro Suzuki, president Suzuki Motor Corporation (SMC).

“In India we will introduce the SUV battery EV announced at the Auto Expo 2023 in FY2024, with 6 models to be launched by FY2030,” stated a presentation by Maruti Suzuki’s parent SMC on Thursday.

With seven battery electric models, Maruti Suzuki will have one of the largest EV product line-ups by a single manufacturer in India by 2030. Tata Motors could still be the leader with at least 7 EVs on sale by that year while Mahindra & Mahindra could have a minimum of 6 EVs.

Though the SMC presentation did not provide much details on the body shape of upcoming 6 EVs, pictures provided therein suggest presence of a compact hatchback, a compact Jimny-style SUV, three other SUV-like design vehicles and a crossover.

SMC hopes to have a 15% penetration of EVs by 2030 in India. About 25% of its volume composition will be made of hybrid electric vehicles and 60% by internal combustion engine by 2030.

SMC hopes to sell 3.5 million units a year by 2030, which is a downward revision of target from the earlier figure of achieving 5 million units. While its latest market share is around 43%, the company still hopes to hit 50% market share and keep it like that till 2030.

“To provide a full range of products and services, Suzuki will provide not only battery EVs but also carbon neutral internal combustion engine vehicles that use CNG, biogas, and ethanol mixed fuels,” the company said.

Besides EVs, SMC is also chasing other cleaner fuels. Last year, the company signed a memorandum of understanding (MoU) with the National Dairy Development Board (NDDB) to start a biogas demonstration project. This was followed by a tripartite MoU between NDDB, SMC and Banas Dairy, a division of Gujarat Cooperative Milk Marketing Federation, to commercially produce biogas by mid-2024.

“Suzuki’s unique initiative to tackle the CO2 challenge is the biogas business, in which biogas derived from cow dung, which are dairy wastes, will be produced and supplied. This biogas can be used for Suzuki’s CNG models that account for approximately 70% of the CNG car market in India,” SMC added.

SMC has also invested in Fujisan Asagiri Biomass which is in power generation from biogas derived from cow dung in Japan.

“We believe that the biogas business in India not only contributes to carbon neutrality, but also promotes economic growth and contributes to the society of India,” SMC added.

SMC also said that it will invest 2 trillion yen in R&D expenses and another 2.5 trillion yen in capital expenditures, by FY2030. About 2 trillion yen will be electrification-related investments, of which 500 billion yen will be battery-related investments.

 

 

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