Maruti Suzuki plans 10 new models as part of 3.0 strategy

Maruti Suzuki expects ICE vehicles to make up 60% of its sales by 2030-31.

Maruti Suzuki has released its Annual Integrated Report for FY2022-23. The report also sheds light on the 'Maruti Suzuki 3.0' strategy for the future.

In the third phase, Maruti Suzuki plans to launch 10 new models in the market by 2030-31, expanding its product portfolio from 19 to 29 models. These will include 6 EVs.

To achieve this, Maruti will ramp up production and increase its workforce. The carmaker aims to ramp up its manufacturing capacity by 2 million units a year by 2030-31.

Maruti Suzuki expects ICE vehicles to make up 60% of its sales by 2030-31. These include vehicles that run on CNG, biogas, flex fuel, ethanol and blended fuel. Hybrids and EVs will contribute 25% and 15%, respectively.

According to Chairman RC Bhargava, the small car segment will remain a "very important part" of Maruti's portfolio. While the segment is expected to grow by less than 2% a year, the industry volume is almost 10 lakh cars a year with Maruti Suzuki having a share of about 70%.

Maruti Suzuki expects the Indian car market to grow by 6% till 2030-31. Exports will continue to grow, and volumes are projected at 7.5 lakh to 8 lakh cars by 2030-31.