Maruti Suzuki India Ltd. plans to enter the electric vehicle market with a mid-sized battery-powered sports utility vehicle by 2025.
"Maruti Suzuki is at the right time of introducing EVs," Shashank Srivastava, senior executive officer of marketing & sales, said in an interview to NDTV Profit on Wednesday. "Maruti always wanted to help the EV adoption and one of the big ways of doing this is to localisation the batter and battery components."
On its existing ICE models, the company will increase prices next year across all models and, in some cases, the hikes would be substantial, he said.
Small Car And SUV Adoption
Last year, small cars were 34% of the industry and remain highly relevant in the Indian automotive landscape and are expected to maintain its significance for the future. Maruti Suzuki sold 9.5 lakhs small cars, according to Srivastava.
The adoption rate of the SUVs have surged, with a growth trajectory reaching new heights, he said. The SUVs, according to Srivastava, would capture approximately 54–55% of the market share.
Watch the full conversation here:
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