Maruti Suzuki India Limited Senior Executive Officer (Marketing & Sales), Shashank Srivastava, spoke at the Ideas of India Summit 2023, where he discussed Maruti Suzuki’s plans to reduce the cost of electric vehicles (EVs) and introduce six new models by 2030. The cost of batteries is a significant factor impeding EV adoption in India, making them 60% more expensive than regular cars. To combat this issue, Maruti Suzuki is working to reduce battery costs and aims to increase the market share of EVs in India.
Maruti Suzuki India Limited Senior Executive Officer (Marketing & Sales), Shashank Srivastava, spoke at the Ideas of India Summit 2023 organized by ABP Network. The summit’s theme was “Brand India – Ready for the World,” and Srivastava discussed Maruti Suzuki’s plans to reduce the cost of electric vehicles (EVs) and introduce six new models by 2030.
According to Srivastava, the cost of batteries is a significant factor impeding EV adoption in India, making them 60% more expensive than regular cars. To combat this issue, Maruti Suzuki is working to reduce battery costs and plans to introduce six new EV models across various segments by 2030. Currently, EVs account for only 1% of the market, but this is expected to increase to 3% by 2024-25 and 17% by 2030. By 2030, it is estimated that out of 6 million cars sold in India, 1 million will be EVs.
Srivastava emphasized the importance of continuously striving for improvement and learning from the Japanese system of Kaizen. He believes that healthy competition fosters a desire to improve continuously and welcomes it. He further stated that Suzuki’s significant market share is one of its biggest strengths, and the company aims to strengthen its SUV space.
Maruti Suzuki currently accounts for 60% of the overall Suzuki Motor Corporation’s volume, which is a significant achievement for India’s economy. Srivastava expects car consumption in India to continue to increase, reaching almost 6 million by 2030, up from the current 3.8 million in 2022. The Ideas of India Summit 2023 brought together a range of prominent individuals, including policymakers, cultural ambassadors, industry experts, celebrities, and business leaders, to discuss the crucial role of India in the changing global landscape.
