Maruti Suzuki and Toyota join forces for electric vehicle launches
What's the story
Maruti Suzuki and Toyota are joining forces to launch an all-electric Multi-Purpose Vehicle (MPV), codenamed YMC.
This innovative vehicle is the first in a series of launches planned over the coming years.
The YMC is set to hit the Indian market by September 2026, with a Toyota-branded version to follow.
Additionally, the two auto giants are working together on an eVX SUV that will share the same platform and powertrain as the YMC.
Impact
Potential impact on economies of scale
The introduction of the YMC MPV and eVX SUV is predicted to significantly enhance the economies of scale for both Maruti Suzuki and Toyota.
Toyota's Urban SUV concept, which will be incorporated into the eVX, is scheduled to debut in 2025-26.
After this debut, Maruti Suzuki eVX's prices are expected to be revealed by March 2025, with Toyota's version following roughly nine to 12 months later.
Forecast
Production and sales forecasts for new models
Maruti Suzuki projects that post its late 2026 launch, the MPV will have a volume potential of over 50,000 to one lakh units.
The company aims for combined production volumes of 2.5 lakh units per annum within two to three years of market launch, for both the eVX and YMC models.
Prices for Toyota's version of the YMC electric MPV are expected to be announced about a year after the production-spec Urban SUV concept arrives.
Goal
Maruti Suzuki's aspiration to be top EV producer
Sources close to the development suggest that "If all goes as per the plan, Maruti Suzuki may be the largest producer of EVs in the country by 2027-28."
The forthcoming SUV and MPV are not only targeted at the Indian market but are also projected to have high export volumes.
These models will also be shared with Toyota for the Indian market, further boosting business opportunities for both brands.