Maruti Suzuki Ltd. has announced plans to introduce one electric vehicle (EV) model each year, starting with its first EV, which will be showcased at the Bharat Mobility Show in January 2025. Over the next few years, the carmaker aims to launch a total of six EV models by 2031.
In a recent investor conference, Rahul Bharti, Executive Director of Corporate Affairs, shared these plans following the company’s impressive June quarter results. Maruti Suzuki reported a 47% increase in net profit to Rs 3,650 crore, up from Rs 2,485 crore in the same period last year. This growth was driven by cost-cutting measures, favorable commodity prices, and foreign exchange gains. Net sales also rose to Rs 33,875 crore, compared to Rs 30,845 crore in the previous year.
The company sold 5,21,868 vehicles in the first quarter, marking a 5% increase from last year. Domestic sales grew by 4%, with 4,51,308 units sold. Despite a muted short-term outlook for the auto industry, Maruti Suzuki remains optimistic and focused on meeting market demands.
Bharti highlighted that the rural market continues to outperform urban areas for Maruti Suzuki. The company has seen strong demand for CNG vehicles, with one out of every three cars sold in Q1 being a CNG model. Maruti Suzuki aims to sell 6 lakh vehicles this fiscal year and has increased production of popular models like the Ertiga CNG.
For the first time, overall CNG passenger vehicle sales in India surpassed diesel vehicle sales in Q1FY25. Bharti also noted that the compact SUV Jimny has become the largest export model for the company, with other top sellers including the Dzire, Baleno, Fronx, and Grand Vitara.
Shares of Maruti Suzuki closed 2.28% higher at Rs 13,167.95 on the BSE.
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