Maruti Suzuki has entered the league of top-30 automobile manufacturers globally after it became the first passenger vehicle maker in the country to cross Rs 1 lakh crore ($14.5 billion) in revenue. According to Bloomberg data, Maruti Suzuki is placed 28th in terms of revenue. It is the second Indian PV maker in the top-30 rankings. Tata Motors is the other company to enter the elite list and is on the 17th spot. The earnings from Jaguar Land Rover have contributed more than two-thirds of Tata Motors’ revenue.
According to the Bloomberg data, Volkswagen, Toyota, and Stellantis are the top three automakers in terms of revenue.
Maruti Suzuki recently revealed its FY2023 and fourth-quarter earnings. The automaker recorded its highest-ever annual sales volume, with annual turnover above Rs 1 lakh crore. The company’s sales did fall short of its 2 million target for FY2023 by 34,000 units owing to semiconductor chip shortages.
Maruti showed a 43 per cent increase in net profit during the fourth quarter, with the figure at Rs 2,623 crore. The revenue from operations recorded a 20 per cent year-over-year jump to Rs 32,048 crore.
The automaker is set to launch a hybrid model soon. Maruti will also introduce six electric vehicles between 2023 and 2030. The company will launch six different models of electric vehicles by the end of 2030. “The electric vehicles that we will have will largely be in the SUV category, though we are moving into other categories also. Expect Maruti’s electric offerings to take up large market share,” the company’s chairman RC Bhargava said, as quoted by the Financial Times.
The automaker is also expected to increase its exports over the coming years. Bhargava estimates that Maruti’s exports could reach 7.5 lakh units by 2030.
As for the coming year, RC Bhargava expects Maruti to do better than the 6 to 7 per cent growth rate expected from the automobile industry. He predicted that the company will perform well despite issues related to the supply of semiconductors. Bhargava predicted that Maruti would comfortably go above the 2 million mark in this fiscal.
Maruti Suzuki announced on Wednesday, April 26, that it will set up a new plant. The facility will have a production capacity of up to 10 lakh units annually.