IBEF: February 06, 2020
The country's largest passenger carmaker, Maruti Suzuki India, plans to invest Rs 4,000 crore (US$ 572.33 million) this year on new product developments and plant renovations.
"We will invest around Rs 4,000 crore (US$ 572.33 million) in developing new products and modifications of the factories (in Haryana) this year," said Mr Kenichi Ayukawa, Managing Director and Chief Executive Officer, Maruti Suzuki India.
On the first day of the Expo, the company announced its plans to work towards alternative fuel models and electrification of its future models to contribute to environment safety.
A target to sell around one million of smart hybrid, strong hybrid and electric vehicles has been set by the company for this decade.
Mr Ayukawa said, "Mission Green Million is our commitment to bring advanced powertrain technologies for Indian customers. In this mission,
'Make in India' will be our core philosophy. S-CNG and Smart Hybrid technologies on Maruti Suzuki cars have seen huge acceptance by customers".
He further added that the company has full faith in the future of the Indian automotive market and will increase its efforts for electrification of powertrains, with a technology agnostic approach.
"Our endeavour will be to offer realistic solutions for mass acceptance by customers," he said.
He added that the Gujarat plant was delayed a bit in terms of completion but is now on schedule and on track to increase the capacity by 2.5 lakh units to 7.50 lakh units this year.
Talking about the partnership with Toyota, Mr Ayukawa said that company will launch all the products in near future as all works were progressing as planned.
He said rolling out of the new Brezza by Toyota this year, and branding it, would also depend on when Toyota decides to launch the vehicle.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.