Page 16 - Maruti Suzuki

Maruti Suzuki, Union Bank of India partner for dealer financing solutions

Maruti Suzuki India on Tuesday said it has inked an initial pact with Union Bank of India for dealer financing solutions. The tie-up enhances the comprehensive inventory funding options for over 4,000 Maruti Suzuki sales outlets across the country, the auto major said in a statement. MSI (Maruti Suzuki India) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said the automaker takes great care in nurturing its dealer network. "We proactively align our efforts in meeting the evolving demands of customers and the market, " he added. The company's partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 3,00,000 car finance cases till date, Srivastava said. "As a next milestone of our association, we are entering into an inventory funding Memorandum of Understanding (MoU) which will focus on innovative financing solutions for dealer partners," he added. Union Bank of India Managing Director & CEO

No country other than India has better prospects for future: Maruti Suzuki

There is no other country in the world better placed than India in terms of future growth, Maruti Suzuki India Chairman RC Bhargava said on Monday. Speaking at an event here, the veteran industry leader noted that the country needs to get rid of the old baggage of various defunct laws, regulations and practices to move ahead. "I can't see any country in the world today which has better prospects for the future than India has," Bhargava said here when asked about the future of the country. He noted that the western countries have reached a certain level where growth is now a dicey matter. "Whether they grow or they're getting into recession and things. People have lost that ethos of working. People want a much more luxurious kind of life. They want good things to come without working," Bhargava said. On the other hand, in India people are aspiring to greatly improve not only their own future, but the future of their families and children, he stated. "And that hunger is going to dr

Maruti Suzuki bets on strong hybrids to drive growth in green vehicles

The company anticipates that 25 per cent of its sales will come from strong hybrids in the foreseeable future

It is not about EV vs hybrid but reducing emission: Maruti's RC Bhargava

Maruti Suzuki chairman said electrification may not lead to reduced carbon emission

Auto shares rally; Maruti Suzuki, TVS, Hero Moto, Bajaj, M&M hit new highs

In the past one month, the S&P BSE Auto index has rallied 10 per cent against a 1 per cent decline in the S&P BSE Sensex

Hyundai seeks expansion and higher valuation with its $3 bn IPO in India

Hyundai, India's second-biggest carmaker behind Maruti Suzuki with a 15 per cent market share, has appointed bankers for the initial public offering which could be the country's biggest ever

Sky's the limit: Maruti Suzuki ventures into electric air copters

Maruti Suzuki unveils plans for SkyDrive, electric air copters that bridge the gap between drones and helicopters and may offer ride-sharing services with easy rooftop take off

Expect some impact on costs due to ongoing Red Sea crisis: Maruti Suzuki

Maruti Suzuki may see some increase in costs due to the rerouting of vessels amid the ongoing Red Sea crisis, according to a senior company official. The auto major, which exported around 2.7 lakh cars last calendar year, however, noted that it does not expect the issue to have a very big impact on the company's overseas shipments. "We are seeing some logistical challenges because of the Red Sea issue. And there may be some increase in costs because of risk or because of rerouting of vessels but it should not be significant," MSI Executive Officer (Corporate Affairs) Rahul Bharti said in an analyst call. The lead time of dispatches might change, and there may be some uncertainty in vessels coming and picking up their consignments, among others, he noted. That is a small issue, which is quite common in the export business, Bharti said. Red Sea strait is crucial for 30 per cent of global container traffic and 12 per cent of global trade. About 80 per cent of India's merchandise trad

Maruti aims to open 100 Nexa service workshops in non-urban areas in FY25

MSIL sells its more expensive cars such as Grand Vitara, Jimny, and Fronx through Nexa retail channel, while the others are sold through Arena retail channel

Maruti launches compact format Nexa service workshops for non-urban areas

Maruti Suzuki India on Tuesday launched compact-format Nexa service workshops with plans to have 100 such outlets across the country by the end of next fiscal. Through this strategic move the auto major aims to bring the Nexa service experience to customers in non-urban centres, the company said in a statement. The first six centres inaugurated are strategically located in Ateli (Haryana), Charkhi Dadri (Haryana), Bankura (West Bengal), Dahod (Gujarat), Nirmal (Telangana), and Ooty (Tamil Nadu), it added. "With the growing similarities in consumer preferences in urban and non-urban centres, there is a notable increase in interest for our Nexa offerings from both regions," Maruti Suzuki India (MSI) Managing Director & CEO Hisashi Takeuchi stated. Almost 30 per cent of the Nexa sales come from non-urban centres, he added. "To cater to these customers, we are introducing these compact-format Nexa service workshops. Our goal is to set up 100 such workshops by the end of FY 2024-25," .

Maruti ordered to refund car's price as airbag did not deploy in accident

A consumer panel in Kerala has ordered automobile giant Maruti Suzuki India Limited to refund the price of a car they sold to a customer as its airbag did not deploy during an accident three years ago. The Malappuram District Consumer Commission issued the order based on a complaint filed by Mohammed Musliar, a native of Indianoor in this northern district. As per the complaint, the car in which the complainant travelled met with an accident on June 30, 2021, and the man suffered critical injuries as the vehicle was severely damaged in the mishap, an official statement said here quoting the commission on Tuesday. The consumer approached the redressal body alleging it was the fault of the manufacturer that the airbag did not deploy, which caused him serious injuries. The Motor Vehicle Inspector also reported that the airbag did not function at the time of the crash. The commission ordered a refund of Rs 4,35,854, the price of the vehicle, and Rs 20,000 as cost of litigation, the ...

Imperial College London appoints Manvinder Banga as its chair of council

Banga has also held the position of Senior Independent Director at retail chain Marks and Spencer plc and at GlaxoSmithKline

Maruti Suzuki's total vehicle sales rise 5% at 199,364 units in January

Maruti Suzuki India's total vehicle sales, including exports, increased 5 per cent at 1,99,364 units in January from 1,72,535 units in the same month last year, the company said in a statement on Thursday. This was the highest-ever monthly sales volume for the Gurugram-based car maker, as per the statement. The total domestic sales grew 13 per cent at 1,70,214 vehicles as against 1,51,367 units in the month a year ago, it said. MSI also sold 23,921 vehicles in the overseas markets in the previous month, as per the statement. Total passenger vehicle domestic sales in the previous month were recorded at 1,66,802 units, growing 13.20 per cent over 1,47,348 vehicles sold in January 2023, the company said.

Maruti Suzuki Q3FY24 result: Net profit rises 33% to Rs 3,206.8 crore

Maruti Suzuki Q3FY24 result: Its revenue from operations was up 14.56 per cent at Rs 33,512.8 crore

PM Narendra Modi set to inaugurate India's first global mobility expo

The mobility show-Bharat Mobility Global Expo-will be conducted from February 1-3 in the national capital and will bring the entire mobility value chain under one roof

Maruti Suzuki, J&K Bank partner to provide financing solutions to dealers

Maruti Suzuki India on Thursday said it has joined hands with Jammu & Kashmir Bank to provide financing solutions to its dealer partners. The Memorandum of Understanding (MoU) inked with Jammu & Kashmir Bank would empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital requirements, the auto major said in a statement. "Our collaboration with J&K Bank will focus on innovative financing solutions for inventory funding for our dealer partners," Maruti Suzuki India Ltd (MSIL) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said. This strategic alliance reinforces the company's long term association with J&K Bank, leveraging the strength of both the MSIL and J&K Bank to offer tailored retail finance products and end-to-end working capital solutions, thus marking a significant milestone for both the organisations, he added. "The MoU is surely a big step towards providing

Maruti Fronx clocks 100,000 sales milestone in passenger vehicle segment

Maruti Suzuki India on Wednesday said its model Fronx has crossed the 1 lakh sales milestone in the domestic passenger vehicle segment in record time. The model has crossed the milestone in 10 months, setting a new industry benchmark, the car market leader said in a statement. Maruti Suzuki India (MSI) had introduced Fronx in the domestic market on April 24, 2023. "Fronx was strategically added to our portfolio to address the growing demand for another compact SUV that blends distinctive design with a captivating driving experience," MSI Senior Executive Officer (Marketing & Sales) Shashank Srivastava said. The model has been instrumental in more than doubling the company's SUV segment share to 19.7 per cent last year from 10.4 per cent in 2022, he added. MSI has also commenced exports of the Fronx for Latin America, the Middle East, and South-East Asian markets. So far, the company has exported over 9,000 units of the model to these markets.

Maruti Suzuki plans to start exports of EVs, lithium-ion battery this year

Maruti Suzuki India plans to start exporting Electric Vehicles (EVs) from India this year after launching them in the country, a senior company official said on Thursday. The company also expects to export lithium-ion battery cells and modules worth around Rs 750 crore this fiscal. "This year itself we will start exports of EVs to countries like Europe and Japan," Maruti Suzuki India Executive Director Rahul Bharti said at the Vibrant Gujarat Global Summit here. On the export of battery cells and modules, Bharti said, "We are exporting it to advanced countries like in Europe. We will be touching almost Rs 750 crore of lithium-ion advanced chemistry cells, battery packs and module exports this financial year." Automotive Electronics Power Private Ltd (AEPPL) -- a joint venture between Japan's TOSHIBA Corporation, Denso Corporation and Suzuki Motor Corporation, has a lithium-ion battery plant at Hansalpur in Gujarat. Maruti Suzuki procures the cells and models from the JV and export

Maruti in discussion with Gujarat for land parcel for new plant: Bhargava

Maruti Suzuki India Chairman RC Bhargava on Wednesday said the company is in discussion with the Gujarat government to get the appropriate land parcel for its second plant to be set up at an investment of Rs 35,000 crore. The country's largest carmaker plans to produce 10 lakh units annually at the new plant as it looks to ramp up annual production capacity to over 40 lakh units by 2030-31. In an interaction with PTI, Bhargava said the auto major has inked an MoU with the Gujarat government for expanding business in the state. "It is like most of these MoUs which are non-binding and subject to the approval of the board. So far, the company board has not considered anything in this regard," Bhargava said. While noting that Gujarat is the preferred state for the new plant, he said the right set of land parcels is needed to set up the new facility. "We, along with vendors, will make an investment of Rs 35,000 crore subject to the availability of the appropriate land because so far, w

At Vibrant Gujarat Global Summit, firms unveil big spending plans

At the Vibrant Gujarat Summit 2024, India's corporate goliaths- Adani, Ambani, and Tata- collectively announced mega investment plans for the state