Maruti Suzuki's parent Suzuki Motor Corporation plans to make India its global electric car manufacturing hub with the first batch of vehicles expected to be rolled out as early as 2025, according to a news report.
Suzuki will start producing electric vehicles at the Gujarat plant and export them to Japan as well. The company will also consider supplying India-made EVs to partner Toyota Motor for European markets that would be sold under the Toyota brand, the report published in Japan's Nikkei newspaper on Wednesday stated.
Nikkei said Suzuki will set up a new production line for electric cars at the Gujarat plant which also produces petrol cars. The battery-powered cars that Suzuki plans to export to Japan would be small SUVs priced around 3 to 4 million yen ($20,043), Nikkei said.
At present Maruti Suzuki is lagging behind rivals such as Tata Motors, which is currently the market leader in EVs and has confirmed that it will have 10 EVs in its line-up by 2026. In contrast, Maruti has no pure electric vehicle in its portfolio. Maruti arch competitor Hyundai has also committed to launching six EVs by 2028.
However, Maruti Suzuki has said earlier that it intends to launch six EVs by 2031, but there was concern among shareholders that other firms may outpace Maruti’s EV rollout.
The company has also earlier announced it will invest around 150 billion yen (about Rs 10,445 crore) by 2026, for local manufacturing of EVs and the batteries required for them, in the Gujarat factory.
India steps up vigil against cheap Chinese imports amid US tariff hike
India has stepped up vigil to prevent the dumping of cheap Chinese imports in the country after the steep US tariff hike on the goods exported by the Communist country.
Rupee strengthens against dollar amid Trump's reciprocal tariffs
The Indian rupee witnessed sharp gains on Friday at below 85 against dollar, as the dollar index and oil prices dropped sharply amid concerns over recession in the US economy after the reciprocal tariffs were announced.
Sensex, Nifty open lower amid weak global cues post Trump tariffs
Indian frontline indices opened in the red on Friday following global sell-off in the equity markets in reaction to the reciprocal tariffs announced by US President Donald Trump.
Sensex, Nifty open lower as Trump tariffs trigger global sell-off
Indian equity indices opened lower on Thursday following a sharp sell-off in global markets after the US President Donald Trump announcement of reciprocal tariffs.
India stands less impacted by Trump tariffs than global peers: Industry
As US President Donald Trump announced reciprocal tariffs on dozens of countries, including India, industry experts said on Thursday that it appears India's export competitiveness to the US market stands far less impacted on a relative basis compared to global peers.
Sensex, Nifty end higher ahead of US reciprocal tariffs announcement
The Indian stock market bounced back on Wednesday, with both the Sensex and Nifty closing higher, just before the reciprocal tariffs deadline set by US President Donald Trump.
Early April critical for investors’ sentiment amid key economic data: Report
Early April will be critical for market sentiment, with key economic data releases providing insights into global manufacturing, employment trends and economic activity, a report showed on Monday.
Foreign investors pump Rs 31,000 crore into Indian stocks as market rebounds
Foreign investors have injected nearly Rs 31,000 crore into Indian equity markets in the last six trading sessions of March, according to the latest depository data.