Invicto launch: Maruti eyes number one position in SUV segment with 25% market share

Maruti aims to be at the leading position in the SUV race in India, leaving its second position behind

Maruti Suzuki India Ltd (MSIL) has launched Maruti Invicto, its third new offering in four months. While unveiling the hybrid multi-purpose vehicle (MPV), the company’s MD and CEO Hisashi Takeuchi said the model has been carefully crafted to match the modern taste of NEXA customers, who want a premium three-row vehicle with the dynamism of an SUV.

Takeuchi emphasised that with support from Maruti's Indian customer base, the company has been able to enhance its share in the SUV market with new offerings.

“I am happy to share that with your support and the ringing success of some of our recent offerings such as the Grand Vitara, Fronx and Jimny, we have substantially enhanced our share in the SUV segment," Takeuchi said.

“While we are at the second position in the industry now, it is only a matter of time before we take the number one position in the SUV segment," he added.

Priced in the range of Rs 24.79 lakh to Rs 28.42 lakh, Invicto is MSIL’s first vehicle in the premium 3-row SUV/MPV segment.

The company's share in the SUV segment, which stood at 8.5 percent in Q1 FY23, has risen to close to 20 percent in Q1 FY24. MSIL aspires to become the leading SUV player this fiscal with a market share of around 25 percent by the end of this financial year.

Domestic manufacturers sold nearly 3.8 million vehicles in 2022 (a 23 percent rise over the previous year), with SUVs and MPVs remaining the bestsellers.

Expansion plans

Takeuchi also affirmed that after looking at the immense potential of the Indian automobile market, its parent Suzuki Motor Corporation has outlined a robust growth plan.

As per Suzuki's growth strategy towards 2030, it is targeting a global turnover of Rs 4.32 lakh crore in FY31, Takeuchi revealed. This is double the turnover of Rs 2.16 lakh crore achieved in FY22 and for this, Suzuki has planned an investment of around Rs 2.8 lakh crore by FY31 towards enriching products, bringing new technologies and setting up new facilities, he added.

"India of course will play a very big role in this goal," Takeuchi said adding MSIL's turnover would also double by 2030-31.

He noted that in line with the anticipated market growth in 2030, the company is also expanding its manufacturing capacities. "Construction at our new manufacturing facility in Kharkhoda is in full swing and we plan to commission the first plant with an annual manufacturing capacity of 2.5 lakh units by 2025," Takeuchi said.

Once fully operational, the facility will have an annual capacity to manufacture 10 lakh vehicles and will be one of the world's largest single-location manufacturing sites, he added.

Green initiative

Suzuki also has a well-defined road map on carbon neutrality for India, Takeuchi said. "We are committed to bringing six EVs by FY31 across different segments. Besides, in our journey of vehicle decarbonisation, we will continue to deploy multiple powertrain technologies like CNG and hybrid in our products and introduce biofuels like ethanol flex fuel and biogas," he added.

(with inputs from PTI)