Maruti Suzuki to launch first EV in 2023-24

Maruti Suzuki to launch first EV in 2023-24

The New Delhi-based automaker will first bring out the electric sports utility vehicle, eVX, to the Indian market. The company had unveiled the concept version of the eVX at the Auto Expo held earlier this month

FPJ Web DeskUpdated: Friday, January 27, 2023, 05:16 PM IST
article-image
(L to R) Mr. Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation, Japan and Mr. Hisashi Takeuchi, MD and CEO, Maruti Suzuki India Ltd. unveiled the Concept eVX, Suzuki's first Global Strategic EV at Auto Expo 2023, India | Image: Maruti Suzuki

Maruti Suzuki India Ltd will launch its first battery electric vehicle in India in 2023-24 (Apr-Mar), and will subsequently bring five more electric vehicles by the end of the decade, the company said in a release.

Parent company Suzuki Motor Corp also plans to invest 4.5 trln yen (2.82 trln rupees) on its electrification drive by 2029-30.

The New Delhi-based automaker will first bring out the electric sports utility vehicle, eVX, to the Indian market. The company had unveiled the concept version of the eVX at the Auto Expo held earlier this month.

This comes after one of the company's competitor, Mahindra & Mahindra, launched its compact electric sports utility vehicle XUV 400.

Tata Motors, considered to be a pioneer in the electric vehicle segment in India, already sells three electric passenger vehicles in India and holds nearly 85% market share.

Out of the 4.5 trln yen investment, Suzuki Corp plans to invest 2 trln yen for research and development in areas such as carbon neutrality, electrification and biogas, as well as autonomous technology.

It plans to invest the remaining 2.5 trln yen on capital expenditure, which includes construction of electric vehicle battery plant and renewable energy facilities.

At 01:00 IST, shares of Maruti Suzuki India traded 1.3% lower at 8,670 rupes on NSE.

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Prices of essential medicines to go up by 12% from April

Prices of essential medicines to go up by 12% from April

Kotak Mahindra Bank announces allotment of 51,745 equity shares

Kotak Mahindra Bank announces allotment of 51,745 equity shares

FTX founder charged for paying $40 million bribe to Chinese officials

FTX founder charged for paying $40 million bribe to Chinese officials

PTC India Ltd appoints Dr. Rajib Kumar Mishra as CMD

PTC India Ltd appoints Dr. Rajib Kumar Mishra as CMD

Adani Group stocks trade higher after 2-day fall; Adani Enterprises jumps over 5%

Adani Group stocks trade higher after 2-day fall; Adani Enterprises jumps over 5%