Maruti Suzuki eyes record output of 2.5 mn in FY24

Maruti Suzuki India eyes third consecutive year of double-digit growth and the company has prepared solid plans to regain lost market share with new SUVs, writes Ketan Thakkar.

- Ketan Thakkar.

Maruti Suzuki, the country's largest car maker has set itself an ambitious target to grow by a strong double digit for the third consecutive year in FY24.

Autocar Professional learns, Maruti Suzuki is exploring multiple scenarios for production in FY24, which ranges from an output of 2.3 million on a conservative side to 2.5 million units as an optimistic target, provided the chip supplies return back to normalcy. This plan also includes Grand Vitara sourced from Toyota Kirloskar's Bidadi factory.

If Maruti Suzuki achieves the optimistic target of 2.5 million annual output, then it will be a good year ahead of its mid-term target of 2025. And this also will be the third consecutive year of improved growth despite the high base.

Post the Q2 earnings call, Maruti Suzuki chairman RC Bhargava, had stated that the company will work towards attaining a two million output plan for the current financial year - provided the chip supplies normalise.