New Delhi (India), 9th April 2023: Maruti Suzuki India anticipates reaching the landmark number in FY2024 after ending FY2023 with little less than two million unit sales. In FY 2023, the largest automaker reported 1.9 million sales.
Shashank Srivastava, senior executive officer, sales and marketing Maruti Suzuki,said, “We hopefully will cross the two million mark this financial year. We hope to grow at a pace higher than the auto industry this year.”
After ending FY23 with 3.8 million sales, the auto sector is predicted to reach the four million sales level in the following fiscal year. Between 4.5 million and 4.1 million people are expected to be born in the next year, with a growth rate of 5-7%.
Srivastava further said, “If the industry grows at 5 per cent in FY24, we will grow at about 6 per cent or so. If the industry grows at 7 per cent, we should be growing at 8 per cent.”
Maruti is on track to surpass 2 million sales with a forecast growth of 6% over its 1.9 million sales. According to the forecast, Maruti would have 2.12 million sales in FY 24.
Due to production problems with the supply chain, the company failed to meet its two million annual sales target last year. At the end of March 2023, the corporation still has 380,000 orders in its order bank.
By switching from being a player in the compact category to having a strong SUV portfolio, the corporation is attempting to gain a 50% market share of the entire car industry.
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