The carmaker will display its first electric vehicle at the Bharat Mobility Show to be held in January 2025.
The carmaker in total will launch six EV models till 2031, MSI Executive Director Corporate Affairs Rahul Bharti said while addressing an investor conference Wednesday after declaring its June quarter results.
He said that the company will launch almost one EV model launched every year from thereon.
Maruti Suzuki India on Wednesday reported 47% rise in net profit to INR 3,650 crore for June quarter FY25, riding on the back of cost reduction efforts, favourable commodity prices and foreign exchange gains. The auto major had logged a net profit of INR 2,485 crore in April-June FY24. Net sales increased to INR 33,875 crore in June quarter as compared with INR 30,845 crore in the year-ago period, according to an exchange filing.
The profit increased on account of cost reduction efforts, favourable commodity prices and foreign exchange gains, it stated.
The country's largest carmaker said it sold 5,21,868 vehicles during the first quarter, up 5% as compared to the same period previous fiscal. It sold 4,51,308 units in the domestic market in June quarter, an increase of 4% year-on-year.
On the outlook, Bharti said the company is sticking with auto industry body SIAM's forecast at the start of the fiscal of low single-digit growth due to various factors, including high base effect.
The fundamentals of India are intact although the short term is muted for the auto industry, he said adding the company is not worried about it and will focus on delivering what the market needs.
He also pointed out that the rural market continues to outpace urban for Maruti Suzuki and has been happening for a long time now. The company has also gained good traction with CNG vehicles, Bharti said, adding one out of every third car sold in the domestic market in Q1 was a CNG vehicle and MSI is on track to achieve its target of 6 lakh vehicle sales this fiscal.
MSI has increased supplies of CNG vehicles, and production of Ertiga CNG, one of the most in-demand models, has been increased, he added.
Bharti said in Q1FY25 for the first time in India overall CNG passenger vehicle sales overtook that of its diesel counterpart. On a query regarding electric vehicle launch, he said MSI will be displaying its first EV at the Bharat Mobility Show to be held in January 2025.
Compact SUV Jimny has emerged as the largest export model for the company, while other models such as Dzire, Baleno, Fronx and Grand Vitara were the other top selling models in export markets in Q1.
Shares of the company ended 2.28% up at INR 13,167.95 apiece on the BSE.
With Inputs from Agencies
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