Competition helps to improve products and ultimately become more efficient, according to Shashank Srivastava, senior executive officer of marketing and sales at Maruti Suzuki India Ltd.
The company welcomes newer competition in the auto and electric vehicle industry, as it pushes them to be careful and further improve products, he told NDTV Profit.
On Wednesday, JSW Group and MG Motor India Pvt. announced their joint venture—JSW MG Motor India Pvt.—to make and sell electric vehicles in India.
The JSW Group aims to do what Maruti Suzuki India did 40 years ago—this time with electric cars, said Sajjan Jindal, chairman of JSW Group, in the event held in Mumbai.
Shashank Srivastava, senior executive officer of marketing and sales, Maruti Suzuki India Ltd.
Shashank Srivastava, senior executive officer of marketing and sales, Maruti Suzuki India Ltd.
“My dream with MG is that we will create a ‘Maruti moment’. In 1984, when Maruti came into India, it changed the auto industry. We aim to do the same with MG.”
Srivastava said that he is grateful for Jindal mentioning Maruti at the event. “This shows that we have an iconic place in the hearts and minds of the Indian consumer. Our best wishes to JSW and MG,” he said.
Maruti Suzuki India crossed Rs 12,000 per share for the first time on Wednesday. It reached a record of Rs 12,025 apiece, after gaining 3.69%.
The Indian car manufacturer recorded a 16.12% surge in the current year, outperforming the Nifty Auto which saw a 9.75% rise over the same period.
It took around 24 trading sessions for the company to reach this milestone.
The central government has formulated a new EV policy that’s aimed at attracting the likes of Tesla Inc. to make and sell electric cars in India.
Maruti Suzuki India plans to launch its EV vehicle—eVX—in the mid-SUV segment by 2025. Since the adoption of EV's in India is at a nascent stage, Srivastava expects that the company is on the right track “as far as the times of the launch is concerned.”
“...The adoption of EV in India is small. If the penetration of EV goes up, there is an inflection point around 4.5% to 5% penetration. That is expected in 2025.”
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