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2024 won't be easy ride for Maruti
Mint Mumbai
|January 12, 2024
Maruti Suzuki India Ltd is walking the talk. It is making steady progress towards achieving its production capacity target of four million units per annum by FY31. On Wednesday, the automaker announced two capacity additions in Gujarat, entailing a total investment of ₹38,200 crore.
One is a new automobile production plant with an annual capacity of one million units, expected to start operations in FY29. The other investment would increase Suzuki Motor Gujarat Pvt. Ltd's (Maruti's wholly owned subsidiary) annual production capacity to one million units from 750,000 units currently. This is to meet the potential increase in electric vehicle demand.
Sure, this augurs well from a longterm perspective. But in the foreseeable future there are bumps on the road with the passenger vehicle (PV) industry expected to slowdown in 2024.
Normalization in the supply chain has led to huge pending orders being met, which means a falling order book.
Moreover, inventory levels are elevated. According to the Federation of Automobile Dealers Associations (Fada), the average inventory for PVs in December stood at 55 to 58 days, or about two months.
Dit verhaal komt uit de January 12, 2024-editie van Mint Mumbai.
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