Shares of Maruti Suzuki opened flat today, barely 0.4 percent higher than its closing value yesterday, when it displayed its first SUV EV concept car, eVX, at the AutoExpo in New Delhi and Greater Noida.
Maruti Suzuki is playing up green mobility in its messaging at this year’s event which will continue till January 18.
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The Emotional Versatile Cruiser (eVX) is a mid-size SUV, designed and developed by Suzuki Motor Corporation, Japan. It is ‘born electric’, being built on an all-electric platform, which will support the future range of EVs from the company. Running on a battery with 60kWh capacity, the concept car is said to give a driving range of 550 km.
The company seems to be upping its SUV game seriously. On the second day of the expo today, the company unveiled a five-seater SUV Maruti Jimny and expected to compete with Mahindra Thar.
At the event, in a media interaction, Suzuki Motor Director and President Toshihiro Suzuki said that Maruti Suzuki had lost market share in India because of a delay in launching SUVs but also pressed on the continued importance of small cars. He said that he thinks only the small car can support the mobility of people in the future.
In Q3FY23, volumes are expected to rise around 8 percent on-year and higher margins on lower raw-material costs. “Elevated petrol and diesel prices will assist demand for the CNG variants - a strategy well carved at Maruti. This along with full hybrid technology shall continue to drive growth. We expect demand momentum to continue especially with the new launches in UV segment,” said Amsec on the company, in its quarterly preview report on the auto sector.
The brokerage has a 'buy' call on the stock.
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