Maruti Suzuki India is working on a new manufacturing unit that will be set up at Kharkhoda (Sonipat) in Haryana. This new plant is attracting investments to the tune of Rs 24 lakh, and the manufacturer aims.
This new assembling plant is supposed to convey more punch to deals in India, and simultaneously will likewise give major areas of strength to the marque’s product business producing 10 lakh cars per annum.
GroundWork Will Begin By 2024
According to sources mentioned in our sister publication, the Times of India, the investment plans will be approved soon, and when the land is acquired, the groundwork will begin as early as 2024.
Maruti Suzuki recently confirmed at their annual meeting that it will introduce its own Innova Hycross. Toyota’s powerful hybrid technology will be utilized in the premium MPV. It is anticipated that the MPV will be displayed for the first time between June and July.
Maruti’s Plan Is To Introduce Six New Electric Vehicles
- Maruti Suzuki has also made it clear that it will introduce six new electric vehicles to the market by 2030.
- R.C. Bhargava made it clear that Maruti Suzuki will continue to concentrate on alternative fuel technologies like CNG, ethanol, and even hybrid technology despite this aggressive plan to expand its EV business.
Where’s The Demand?
The announcement comes amid expectations of much lower 6–7% growth for the car industry in fiscal 2024 and problems related to semiconductors being stickier than earlier thought. “Industry will continue to have problems related to semiconductors,” Bhargava said. “The kind of improvement we were hoping (for), still hasn’t happened.” However, Maruti Suzuki expects to outperform the industry’s show.
Outlook
The planned location for the new facility boasts excellent port connectivity, which will enable Maruti Suzuki to easily fulfill its export commitments. The company is currently awaiting board approval for the investment, following which it will acquire the necessary land and commence groundwork in early 2024.