Maruti Suzuki India Limited (MSIL) announced that it has achieved a historic milestone by producing 2 million cars in a single calendar year for the first time. In comparison, the company manufactured 1.934 million vehicles in 2023.
Nearly 60% of the cars were produced in its Haryana facilities, while the remaining 40% came from its Gujarat plant. The company identified Baleno, Fronx, Ertiga, WagonR, and Brezza as the top manufactured models in 2024. Notably, the 2 millionth vehicle was an Ertiga, rolled out from the Manesar facility in Haryana.
MSIL currently operates 3 manufacturing plants—2 in Haryana (Gurgaon and Manesar) and 1 in Gujarat (Hansalpur). Together, these plants have an annual production capacity of 2.35 million units.
Despite a relatively steady domestic market, with 2.726 million passenger vehicles sold between April and November 2024 compared to 2.7 million in the same period last year, MSIL is optimistic about future growth. The company aims to improve its annual production capacity to 4 million units by FY31.
Maruti is building a new greenfield facility in Kharkhoda, Haryana, to achieve this. The first plant at the site, with a capacity of 250,000 units per year, is expected to be operational by 2025. Once fully developed, the facility will have a capacity of 1 million units annually. Additionally, MSIL is planning another greenfield plant with a similar capacity and is scouting for a suitable location.
Hisashi Takeuchi, Managing Director and CEO of MSIL, emphasised that the 2 million milestone showcases India’s manufacturing capabilities and reinforces the company’s commitment to the ‘Make in India’ initiative. He credited this achievement to MSIL’s collaboration with suppliers and dealers, underlining its role in making India’s automobile industry globally competitive and self-reliant.
The company was founded in 1981, and in 1982, it entered a joint venture with the Government of India and Suzuki Motor Corporation (SMC), Japan. By 2002, it became a subsidiary of SMC. Today, the company leads the passenger vehicle market in India and is SMC’s largest subsidiary in terms of production and sales. SMC currently owns a 56.28% stake in the company. Its main business includes manufacturing, buying, and selling motor vehicles, along with components and spare parts.
Maruti Suzuki India share price is trading at ₹11,042.60, down by ₹65.95 (0.59%) as of 9:43 am on December 18, 2024. The stock opened at ₹11,085.00 and has reached a high of ₹11,098.05 and a low of ₹10,983.40 so far. The company has a market capitalisation of ₹3.47 lakh crore, a P/E ratio of 24.75, and a dividend yield of 1.13%. Its 52-week high stands at ₹13,680.00, while the 52-week low is ₹9,737.65.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 18, 2024, 9:48 AM IST
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