To make hybrid cars more accessible to Indian consumers, Suzuki Motor Co., the parent company of Maruti Suzuki, is working on creating cost-effective technology.
Maruti Suzuki is thinking of bringing plug-in hybrid vehicles, which are presently available in Europe and the US, to India.
Maruti Suzuki Working On Cost-effective Hybrid Technology
The company believes that the market for hybrid technology will develop as a result of improvements in legislation, such as lower taxes on hybrid cars. Hybrid cars combine electric motors and internal combustion engines to provide convenience without the constant need for recharge.
Despite being more expensive, hybrid automobiles are becoming more and more preferred than electric ones due to their convenience on a global scale. For the January–March quarter, Maruti Suzuki had a 48% increase in net profit, while revenue increased by 20% year over year.
On the other hand, its operating performance suffered during the quarter due to a decline in sales of its CNG vehicles.
The chairman of Maruti Suzuki claims that high taxes, such the 43% tariff on hybrid vehicles, have an impact on the demand for hybrid cars in India.
Sales of hybrid vehicles in the current fiscal year are contingent upon possible tax adjustments made by the GST Council.
Maruti To Export Electric Vehicles To Europe
Prior to introducing its electric vehicles in India, Maruti Suzuki intends to export them to Europe. The business anticipates that EV production will begin in the current fiscal year, with initial shipments to Europe.
According to the chairman of Maruti Suzuki, double-digit growth in the Indian passenger car market is unlikely to occur in FY25.
The market for small automobiles, which has been negatively impacted by price increases since the epidemic, is not anticipated to expand considerably over the coming years.
Maruti Suzuki’s deliberate approach to entering the electric vehicle industry is seen in its decision to export EVs to Europe prior to their launch in India. Government regulations and market conditions will have a big impact on how the car industry develops in the near future.
