Maruti's $5.4bn expansion plan will double car production by 2031
Homegrown automaker Maruti Suzuki has announced that it is investing $5.4 billion to double its yearly production capacity to four million vehicles by 2031. This will also double its revenue in the process. The company is constructing a factory in Haryana, which will be capable of producing one million cars annually and is currently on the lookout for a second site for an additional plant.
Six EV models to be launched by 2030-31
Addressing concerns about being late to the electric vehicle (EV) market, chairperson RC Bhargava announced that the company's first electric car will break cover in 2024-25. It also plans to launch six EV models by 2030-31. These EVs will be built at the firm's facility in Gujarat, which Maruti is purchasing from its parent company, Suzuki Motor Corporation.
Shareholders demand a stock split
To boost its earnings, Maruti Suzuki will give more focus on strengthening its position in the SUV market. To note, the company recorded a profit for the quarter ended June 30. This was in line with the forecasts made by analysts. Maruti's board is also set to discuss the shareholders' demand for a split of stock, according to Bhargava. The stock is currently trading at Rs. 9,712 apiece.
