Page 18 - Maruti Suzuki

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

GoMechanic, iACe to upskill over 5,000 mechanics on latest automotive tech

Car services and repair platform GoMechanic on Monday said it has tied up with the International Automobile Centre of Excellence (iACE) to train more than 5,000 mechanics on latest automotive technologies. iACE is a joint initiative of the Gujarat government and Maruti Suzuki India for automobile training with state-of-the-art infrastructure and technical labs. "This collaboration is not just about upskilling, it's a holistic effort to transform the automotive workforce," GoMechanic COO and Co-Founder Muskan Kakkar said in a statement. By integrating iACE's expertise with the company's extensive network, the initiative aims to create a workforce that is not only technically proficient but also adaptive to the evolving automotive landscape, she added. "Through this collaboration, we also aim to create a pipeline of manpower by providing deserving individuals enrolled at iACE with employment opportunities, thereby contributing to the growth of skilled professionals in the Indian ...

Rise in auto loan interest rates could impact PV sales: Maruti Suzuki

Passenger vehicle sales in India could be weighed down by increase in interest rates for auto loans, if there is no reduction in repo rates going forward as the industry gears up for a single-digit growth this year, according to Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava. With a high base of record 41.08 lakh units in 2023, passenger vehicle (PV) sales this year could grow in single digit with the overall economic growth of the country being a positive factor, he said. "The auto industry growth is largely dependent on the growth in the overall economy, the GDP per capita growth that's projected 6-6.5 per cent. There's a very high correlation between the two... so that is a positive side," Srivastava told PTI. However, he said, "We have reached a very high level of base, and on that base a continuous high growth may be a little difficult. We saw in 2021 the growth to be almost 27 per cent, in 2022 it was 23 per cent. In 2023 it is 8.3 per .

Maruti Suzuki production falls 2.96% at 1,21,028 units in Dec 2023

Maruti Suzuki India on Tuesday reported a 2.96 per cent decline in total vehicle production at 1,21,028 units in December 2023. The company had produced 1,24,722 units in December 2022, Maruti Suzuki India said in a regulatory filing. Total passenger vehicle production last month stood at 1,19,518 units as against 1,24,135 units in December 2022, down 3.72 per cent, it added. Production of light commercial vehicle Super Carry was, however, higher at 1,510 units as compared to 587 units in the year-ago month. Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava had on Monday stated that the company had cut down on production in December to reduce stocks at dealerships ahead of the year-end.

Maruti Suzuki's total sales dip in December; exports in 2023 all-time-high

Despite the dip in December, Maruti Suzuki's compact segment continues to have the highest share in its total sales followed by utility vehicles and vans

Maruti saw biggest jump in average revenue earned per car in 2023 at 13%

In 2022, MSIL had experienced an 11.98 per cent Y-o-Y increase in average revenue per car

From chip makers to car cos, global firms flocking to Gujarat: Officials

Though Gujarat has only about six per cent of India's geographical area and nearly five per cent of the population, the state has become an engine of the country's development with world-renowned firms coming here for business, according to officials. As per the official website of the Vibrant Gujarat Global Summit (VGGS), the state has over 200 industrial estates with close to 100 private industrial parks. The 10th edition of VGGS, the state's biennial investors' meet, is scheduled to be held next month in the capital Gandhinagar. To further strengthen sector-specific investments and infrastructure, the state has also announced several sector-specific industrial parks, said the website. I have always said that the development of the country depends on the development of Gujarat. The world's largest multinational companies, including 100-plus Fortune 500 global companies, are operating in the state. These include Suzuki, Honda, Hitachi, Toyota, and many more" said Prime Minister ..

Maruti Suzuki Brezza sales cross 1 mn units since launch in March 2016

Maruti introduced Brezza in its CNG avatar in Mar 2023. The launch helped Brezza breeze past Tata Nexon in sales, which had the distinction of being the bestselling SUV in the FY22 and FY23

Tata Motors expects best sales in 2024 on back of fresh portfolio

Automaker plans to have 10 EV models by 2026 including the upcoming Harrier EV and Punch EV: MD Shailesh Chandra

Why Maruti remains big on small cars, even when India shifts to larger cars

MSIL, the quintessential maker of small cars, has not fallen short of taking a bet on small hatchbacks even when there seems to be a structural shift in the Indian market towards larger cars

Maruti Suzuki's electric SUV to be manufactured in Gujarat's Hansalpur

Leading car manufacturer Maruti Suzuki on Wednesday announced that its upcoming electric SUV will be manufactured in Gujarat, and a new plant will be added to the company's existing manufacturing facility in Hansalpur, nearly 90 km from here. Suzuki Motor Gujarat Private Ltd (SMG), which runs the car manufacturing plant at Hansalpur, is a wholly-owned subsidiary of Maruti Suzuki and commenced operation in February 2017. "Our first EV, an SUV, will be launched in the next financial year of 2024-25. It will come out from SMG's Gujarat plant. At present, the entire SMG facility at Hansalpur has three plants - plant A, B and C. Now, to manufacture the EV, a new plant, also called a production line, will be added there," Maruti Suzuki Executive Director (Corporate Affairs) Rahul Bharti told reporters. The upcoming EV SUV, to be produced here at the SMG plant, will be exported too, he added. In March 2022, SMG's parent firm Suzuki Motor Corporation signed an MoU with the Gujarat governme

Hyundai Creta facelift global debut in Jan, gets new 1.5 L turbo petrol

The new engine will come with the option of a seven-speed DCT or a manual gearbox and returns 160hp

After Audi, Maruti Suzuki to hike prices of its cars from January 2024

Maruti Suzuki, India's largest carmaker, did not mention the quantum of price hike

Suzuki Motor's stake in Maruti Suzuki to rise to 58.19% from 56.48%

The board of Maruti Suzuki approved the allotment of 12,322,514 equity shares to Suzuki having a face value of Rs 5 each at a price of Rs 10,420.85 per equity share

Maruti gets shareholders' approval to fully acquire Suzuki Motor Gujarat

Maruti Suzuki India on Saturday said its shareholders have approved the proposal to issue shares on a preferential basis to Suzuki Motor Corporation (SMC) as consideration for a related party transaction for the acquisition of 100 per cent stake in Suzuki Motor Gujarat. The company had sought approval from its shareholders through a postal ballot on two special resolutions for the purpose of fully acquiring Suzuki Motor Gujarat (SMG) last month. Resolutions as set out in the postal ballot pertaining to approval of related party transaction, and create, offer, issue and allot equity shares on a preferential basis for consideration other than cash have been approved by the members of the company with requisite majority, Maruti Suzuki India said in a regulatory filing. The first special resolution of related party transaction was approved with 98.21 per cent in favour and 1.79 per cent against. The second special resolution to create, offer, and allot equity shares on a preferential .

Suzuki to introduce three-cylinder engines: Why is this a big deal?

Suzuki has continued with its four-cylinder engines at a time when most carmakers have shifted to three-cylinder units