Maruti Suzuki India Limited (MSIL) eyes even further growth in the passenger vehicle segment in India. For financial year 2016, the company plans 10-11% growth. This means, Maruti will need to sell close to 1.3 million units (13 lakh cars) in the financial year, in order to achieve their target. Including exports, they aim to sell 1.39 – 1.44 million cars.
In FY15, Maruti Suzuki posted record sales to the tune of 1.17 million units. This too was a double digit growth, YoY and now has even more ambitious plans for FY16. New models contributed to its growth in the last financial year. This includes Ciaz, and facelifts of Swift, Alto K10 and Swift.
In order to continue their growth this fiscal, they will continue to widen their product portfolio. This year, Maruti plans to launch a new utility vehicle (SX4 SCross), a compact diesel car (Celerio), small commercial vehicle (Y9T) and a premium hatchback (YRA).
MSIL is India’s largest car manufacturer with over 40% market share. Apart from launching new cars, various other factors will prove favourable for MSIL to achieve this target. These include lower inflation, interest rate cuts and good foreign exchange reserves.
Expansion of dealer network is also on the cards for FY 16 when the company plans to add a minimum of 125 outlets to its current count of 1,514 in the country. They also plan on increasing their rural penetration by at least 20% this fiscal.
via Economic Times