New Delhi: According to the company's chairman, R C Bhargava, Maruti Suzuki India is launching 'Maruti 3.0' with the goal of increasing production capacity by 20 lakh units in nine years, bringing the total number of models available to the market to around 28 by FY31.
In his address to the company's shareholders in the Annual Report for 2022-23, the CEO explained that the company, known for its small cars, is now restructuring its production facilities to "conform to the realities and what we are projecting for the future" as SUV sales continue to gain momentum in India and demand for the smaller entry-level car market shows no signs of recovering to the growth rates of the past.
Bhargava added that whereas the Chinese auto market "grew in double digits" in the past, the Indian auto market is "expected to maintain a 6 per cent growth rate until FY 2030-31."—Inputs from Agencies