Maruti Suzuki India Limited is an automobile manufacturer based in New Delhi, India. It was established by the Government of India in 1981 as Maruti Udyog Limited. Japanese car and motorcycle manufacturer Suzuki Motor Corporation became its formal joint venture partner and license holder in 1982. In 2003, the Government of India divested its share to Suzuki Motor. As of the July 2021, Maruti Suzuki was a 56 percent subsidiary of Suzuki Motor.
Domination in the passenger vehicle market
The passenger vehicle market across the country was dominated by Maruti Suzuki in financial year 2022, with a share of over 42 percent. In 2021, the company sold around 1.3 million cars in India. It also became the only car manufacturer in the country to sell over 20 million passenger vehicles cumulatively, by the end of 2019. The landmark was achieved in less than 37 years since the company sold its first vehicle, the Maruti 800, in 1983. After the iconic Hindustan Ambassador and Fiat Premier Padmini, Maruti 800 became the third name to be synonymous with cars across the country. Maruti produced 2.87 million 800s, of which around 2.66 million were sold domestically. This model remains the second highest production car in the country, second only to the Hindustan Ambassador. Maruti Suzuki has held on to the title of the best-selling car with the Swift, as most popular car in February 2022.
The automotive sector experienced a decline in the second half of 2019, due to economical slowdown. And it has been further impacted by the coronavirus pandemic since the early 2020. Facing its worst slowdown in decades, the slump in the automotive sector continued in what was one of the largest auto industries in the world. Although the industry to employed over 1.3 million people in 2018, the continued struggle within the sector could result in a massive loss in employment opportunities.
Government of India has intervened in the face of the decline in the automotive. A series of initiatives were introduced by the government to encourage consumption and attract more foreign companies to set up manufacturing operations in the country. The government has also introduced many incentives and reduced taxes to boost the electric vehicles sector. Maruti Suzuki announced the launch of its electric car ‘Futuro-E’ at the 2020 Auto Expo. The electric vehicle would be the first attempt of the company in the electric vehicle market, where major competitors had already stepped in. The government was aiming to achieve 30 percent penetration in private electric vehicle ownership by 2030. Maruti Suzuki, as the largest stakeholder in the domestic car segment, has aimed to grab the top-spot as well.
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