Maruti Suzuki Ltd., which announced a better-than-expected quarterly yield raised by higher sales of its sports service vehicles, designs to launch one electric vehicle model a year.
The automaker will present its first electric automobile during the January 2025 Bharat Mobility Show.
After announcing its June quarter results on Wednesday, MSI Executive Director Corporate Affairs Rahul Bharti told an investment conference that the automaker will introduce six Electric vehicles in total till 2031.
According to him, the corporation will then introduce about one EV annually.
On Wednesday, Maruti Suzuki India announced a 47% increase in net profit to Rs 3,650 crore for the June quarter of FY25. The company attributed this increase to cost-cutting measures, favorable commodity prices, and foreign currency gains. In April through June of FY24, the automaker had a net profit of Rs 2,485 crore. According to an exchange report, net sales rose to Rs 33,875 crore in the June quarter from Rs 30,845 crore in the corresponding period last year.
It said that efforts to reduce costs, favorable commodity prices, and foreign exchange gains were the reasons for the profit growth.
The biggest automaker in the nation reported that it sold 5,21,868 cars in the first quarter, a 5% increase over the same period in the previous fiscal year. In the June quarter, it sold 4,51,308 units in the domestic market, a 4% year-over-year gain.
Regarding the future, Bharti stated that owing to a number of reasons, including a large base effect, the business is keeping with the auto industry body SIAM’s prediction of low single-digit growth at the beginning of the fiscal year.
Although the short term is muted for the car industry, the foundations of India remain strong, he added. The company is unconcerned about it and will concentrate on meeting market demands.
Furthermore, he emphasized that Maruti Suzuki has long been outperforming the urban market in the rural sector. According to Bharti, the firm has also seen good success with CNG vehicles. A third of all cars sold in the domestic market in Q1 were CNG vehicles, and MSI is on course to meet its fiscal year goal of selling 6 lakh vehicles.
According to him, MSI has expanded the production of the highly sought-after Ertiga CNG model and has also boosted the supply of CNG vehicles.
According to Bharti, sales of CNG passenger vehicles in India surpassed those of diesel vehicles for the first time in Q1FY25. In response to a question about the introduction of electric vehicles, he stated that MSI will present its first EV at the January 2025 Bharat Mobility Show.
The company’s top-selling vehicles in export markets in Q1 included the Dzire, Baleno, Fronx, and Grand Vitara; however, the compact SUV Jimny has become its most popular export model.
On the BSE, the company’s shares closed 2.28 percent higher at Rs 13,167.95 a share.
