With fast-changing market preferences, the company’s efforts are focused towards making systems, processes and facilities more flexible.
06 Aug 2023 | 10624 Views | By Ketan Thakkar
The successful launch of the Grand Vitara and Invicto has proved Maruti Suzuki's ability to establish a brand in the high price segment, says Hishahi Takeuchi, MD of Maruti Suzuki, and he is confident of grabbing the number one SUV position in the country in FY24.
Addressing shareholders in ...
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The successful launch of the Grand Vitara and Invicto has proved Maruti Suzuki's ability to establish a brand in the high price segment, says Hishahi Takeuchi, MD of Maruti Suzuki, and he is confident of grabbing the number one SUV position in the country in FY24.
Addressing shareholders in the company's 42nd Annual Report Takeuchi said, "There were some doubts in the market about the Company’s ability to effectively sell the high price range products. By making Grand Vitara and Invicto successful, the Company proved its ability and established its brand in that segment. With the success of these products, the Company is confident of achieving the Number 1 position in the SUV segment in FY 2023-24."
Maruti Suzuki on its part, kept the market excited by introducing new products and technologies throughout the year and it introduced three new models, four product refreshers, and extended the CNG powertrain to six more models, informed the MD.
The company strengthened its product line-up, in the SUV segment, with the launch of Grand Vitara and Brezza - strong hybrid-electric technologies in alliance with Toyota Motor.
As a result, its market share in the SUV segment increased to 17% by the end of the financial year, from single digit at the start of the year, stated Takeuchi.
"Both the models received an overwhelming response from the market and continue to remain on the wait list. The Company also introduced 2 more new SUVs, Fronx and Jimny, which are also witnessing a runaway success," he added.
Maruti Suzuki had a pending order backlog of over 3.5 lakh units with a significant chunk from the newly launched SUVs. The Grand Vitara , its highest-priced SUV, had an order backlog of over 1.2 lakh units and is its most expensive vehicle. Invicto MPV bookings have crossed over 10,000 units within a month of launch.
The cumulative bookings of Grand Vitara has touched almost 2 lakh units in 10 months of its launch an about 88000 vehicles have been dispatched till July 2023
Not surprisingly, Maruti Suzuki has already become leader in Rs 10 lakh to Rs 20 lakh bracket.
In the first quarter of April to June quarter, Maruti Suzuki was the number two SUV maker in the country, behind Mahindra & Mahindra by just a few hundred units.
Takeuchi has also set a target for the company to regain 50% market share in the overall passenger vehicle market by the end of the next financial year.
“Indian automobile industry continued to witness increasing preference towards SUVs. Though the hatchback segment grew at a slower pace than the SUV segment, it continues to command a sizable volume and remains relevant in the Indian market. With fast-changing market preferences, the Company’s efforts are focused towards making systems, processes and facilities more flexible,” said Takeuchi.