Suzuki Declares India as Global Hub for Electric Vehicle Production

INIndia|

Suzuki Motor's President, Toshihiro Suzuki, announced that India will become the global production hub for the company's electric vehicles (EVs). This strategy includes plans to export EVs not only back to Japan but also to other markets, including Europe, despite a global slowdown in EV sales.

India currently serves as Suzuki's largest market by sales and revenue, primarily through its majority stake in Maruti Suzuki, the market leader. On Friday, Maruti is set to launch its first electric vehicle, the e Vitara mid-sized SUV, which will be exported globally and supplied to Toyota Motor Corp., Suzuki's partner.

Suzuki emphasized that India offers significant scale advantages that the company intends to leverage. While global EV sales are experiencing a downturn, he believes there is potential for growth in India, which saw EV sales growth slow to 20% last year from 115% in 2023. This growth still surpassed the overall Indian car market growth of 4%.

The Indian government aims to boost EV market share to 30% by 2030, a significant increase from the current share. To address concerns about vehicle range and charging infrastructure, Suzuki plans to install charging stations at its service centers and looks forward to developing various green technologies, including hybrids and hydrogen vehicles.

Suzuki Motor is set to invest over $4 billion in India, with a goal to double car production capacity to 4 million units annually by 2031 and launch new models to regain market share. Currently, Maruti holds about 40% of the Indian market, down from over 50% in 2020, amid rising competition from brands like Hyundai and Tata Motors.

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