Maruti Suzuki is eyeing the rapidly growing utility vehicle (UV) segment to enhance its presence and market share in India.
The automaker is known for its small cars, but the success of its Ertiga MPV is encouraging it to develop new products and variants in this category. The company sold more than 70,000 Ertigas this fiscal year and is currently working on a new SUV called XA Alpha, which was presented as a concept at the 2012 Auto Expo.
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Maruti Suzuki’s outgoing managing director and CEO Shinzo Nakanishi told the Economic Times: “Maruti is a formidable force in small cars, but over the years the competition has intensified and companies like General Motors that traditionally made big cars have ventured into the hatchback segment. To move ahead in the market we have to focus on the fast emerging utility vehicles segment. We have to bring more products after the Ertiga. Maruti needs a strong presence in the Indian market to… increase or maintain the market share.”
Data from the Society of Indian Automobile Manufacturers showed car sales in India fell 4.64% to 1.71m units in the April-February period while utility vehicle sales increased 55% to 499,000 units.
“India is a promising market. Notwithstanding the current slow growth, the auto industry and India have a bright future considering the country’s economy, expected increase in per capita income and growth of middle class,” added Nakanishi.
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