Suzuki Motor Corp of Japan – the parent of Maruti Suzuki, India’s top carmaker – has lined up investment of about Rs 200 billion (over US$3 billion) to maintain its dominance and transition to electric and hybrid vehicle technology.
Almost $2.3 billion will be pumped in by listed unit Maruti Suzuki and the rest by manufacturing arm Suzuki Motor Gujarat to boost capacity, the Economic Times has reported.
With the Modi government’s ambitious push toward electric cars, Maruti Suzuki is likely to spend about Rs 50 billion ($779 million) a year over the next three years, compared with the Rs 40 billion ($623 million) spent annually over the past few years.
Maruti Suzuki plans to roll out electric vehicles in India by 2020 and will also work on hybrid units to power its bigger vehicles such as the S-Cross and Ciaz.
Maruti Suzuki ended 2017 with a market share of 49.9%, as against 47.3% in 2016. This is the highest share seen by the company in over a decade.