Fumio Kishida, the Japanese Prime Minister paid a visit to India for the 14th India-Japan annual summit. Our honourable PM, Narendra Modi welcomed Mr Kishida for a 2-day event on March 19th and 20th. Both Prime Ministers confirmed an investment of $42 billion in India over the next five years. The good news for MSIL is that Suzuki, the parent company will invest around $1.4 billion (₹104 billion) for the production of EVs. Let’s get into the details.
Maruti Suzuki Electrification plans
Maruti had never made a commitment towards electrification which happens to be the future of automobiles. Now that Suzuki has announced to invest big bucks the carmaker has aligned its mission with our nation’s strategy to minimize oil dependency and reduce air pollution.
Suzuki Motor Corporation on Saturday signed a Memorandum of Understanding (MoU) with the Gujarat state government. The MoU illustrates the company’s investment strategy for the development of Maruti Suzuki EVs in India. According to the MOU:
- An investment of ₹31 billion ($407.59 million) will be made to foresee an increment in the production of EVs by 2025.
- The company will invest a total of ₹73 billion ($960 million) to start up its battery manufacturing plant in India by 2026.
- Also ₹45.63 Crore ($6 million) will be invested in vehicle recycling plants across the country.
This is a huge boost for Maruti Suzuki. They’re investing both in battery manufacturing and to increase their production capacity. This will help them catch up with the market leader in EVs i.e Tata with their Nexon EV. For now, Maruti leads in both ICE and CNG car sales in India.
Upcoming Maruti cars in India
Maruti just updated both their best-selling hatchbacks, Wagon R and the 2022 Baleno. They have planned to update many of their cars in 2022. We expect the Maruti Ertiga, XL6 and the Brezza to get a facelift this year.
Along with this, Maruti is also likely to launch the long-awaited Jimny and the midsize SUV in collaboration with Toyota. Recently, the co-developed midsize SUV was spotted testing together in India. It will take on the Hyundai Creta, Kia Seltos, Tata Harrier and the MG Astor.
1. Does Maruti Suzuki sell electric vehicles in India?
No, they only sell mild hybrid cars such as the Ciaz and Baleno in India.
2. When will Maruti Suzuki launch its first EV in India?
Maruti Suzuki has planned to introduce their first EV in 2024-25 in India.