Maruti Suzuki India Ltd. has disclosed the timeline for the launch of its first electric car, plans for which coincide with similar offerings by rivals Hyundai Motor India Ltd. and Mahindra & Mahindra Ltd.
India's largest carmaker will display a mid-size electric SUV at a European auto show early November, Chairman RC Bhargava told NDTV Profit. A mid-size SUV is a car that has two or three rows of seats, can accommodate five to eight passengers and slots between compact and full-size SUVs.
"Our first EV, which is a mid SUV, is ready. It will (on display) be at a European auto show on Nov. 4," he said.
As per the timeline shared by the Maruti Suzuki chairman, the company will unveil the EV at a motor show in India in January. Commercial production will start in April and exports will begin from May. Domestic sales of the first EV will commence in June.
In a related development, Japan's Suzuki Motor Corp. and Toyota Motor Corp. announced the expansion of their cross-badging alliance in India to electric cars as well. Maruti Suzuki India will supply its first electric car to Toyota globally, according to a joint media statement released on Wednesday. The new model will be manufactured at Suzuki Motor Gujarat.
Competition Heats Up
The January-March period of 2025 will see several EV offerings by carmakers, as competition in the sunrise space of the auto market heats up.
Hyundai India plans to launch Creta EV, an all-electric version of its popular SUV model, as part of a broader strategy to introduce a range of EVs across various price segments. It already has the IONIQ 5 and Kona Electric models in the market.
The government has set an ambitious target of 30% EV penetration by 2030, to lower carbon emissions and save billions of dollars in pricey oil imports.
Maruti Suzuki Share Price Movement
Maruti Suzuki share price advanced 3% intraday to Rs 11,393.8 apiece, almost erasing the previous day's decline.
Maruti Suzuki share price advanced 3% intraday to Rs 11,393.8 apiece, almost erasing the previous day's decline.
Shares of Maruti Suzuki India advanced 3% intraday to Rs 11,393.8 apiece, almost erasing the previous day's decline. It was trading 1.6% higher at Rs 11,225 as of 10:22 a.m., compared to 0.23% drop in the NSE Nifty 50.
The stock gained 8% in 12 months and 9% on a year-to-date basis. Total traded volume so far in the day stood at 6.7 times its 30-day average. The relative strength index was at 34.
Out of 46 analysts tracking the company, 31 maintain a 'buy' rating, 11 recommend a 'hold' and four suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 21%.
Watch RC Bhargava's Full Conversation Here
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