Japanese car maker Suzuki Motor Corporation on Monday said it will continue to expand SUV portfolio in India to recover its overall market share in the passenger vehicle segment.
The company, which currently has around 58% stake in Maruti Suzuki India, said its net sales increased by 732.6-billion-yen (15.8%) year-on-year to 5,374.3 billion yen for the last financial year.
Operating profit increased by 115 billion yen (32.8%) YoY to 465.6 billion yen.
"We will continue to promote the expansion of our SUV models (in India) and aim to recover our total passenger car share," Suzuki Motor Corporation said in a statement.
Currently, Maruti Suzuki sells SUV (sport utility vehicle) models like Brezza, Jimny and Grand Vitara in the domestic market.
The company's market share has come down to around 42% from over 50% a couple of years back in the domestic passenger vehicle segment on account of limited options in the SUV segment.
With the market demand rising for SUVs, the company is in the process of bolstering its presence in the segment and regaining its market share.
Suzuki Motor Corp said that in April 2024, a new production line with an annual capacity of 1 lakh units started operations at the Manesar plant.
The company said it plans to secure a production capacity of around 40 lakh units in India by FY2030.
Suzuki Motor Corp said it expects record sales and profits this fiscal due to higher unit sales.
"The company is compiling strategies in various fields, including technology, and will announce the new mid-term management plan by the end of FY2024," it stated.
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