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Suzuki Motor’s Sales and Export Results Reached Historic High Level in India in 2023

Suzuki Motor’s automobile sales, production, and exports in India in FY 2023 reached record highs. Results were driven by utility vehicles (SUVs, MPVs, etc.) whose product lineup is expanding. Three new models were released in FY 2023, the Fronx, Jimny, and Invicto.

Automobile sales in FY 2023 were 1,793,644 units, an increase of 9.0% from the previous year, of which passenger cars accounted for 980,446 units, a decrease of 11.6%, and utility units for 642,296 units, an increase of 75.4%. Utility vehicles made up for the decline in passenger car sales, and the ratio of utility vehicles to total unit sales increased by 13.6 points to 35.8%. Suzuki’s share in the Indian utility vehicle market rose by 7.2 points to 25.5%, widening the gap with second-place Mahindra (18.2%). Meanwhile, in the passenger car segment, the mass-market models Swift and Dzire are scheduled to undergo full model change in 2024 which is expected to trigger an expansion in demand. In addition, vehicle exports in 2023 increased by 9.2% from the previous year to 283,067 units, making Suzuki India’s top passenger vehicle exporter for the third consecutive year.

Rising domestic sales and exports are attributed to Suzuki’s efforts of strengthening its production system in India. Production capacity was increased by 100,000 units in April 2024, raising Suzuki’s annual production capacity in India to 2.35 million units. The automaker is accelerating investment with the aim of expanding its production capacity in India to 4 million units per year by FY 2030.

Graph: Suzuki Motor: Sales Volume of Passenger Cars / Utility Vehicles and Export Volume in India (FY 2019-2023)Graph: Suzuki Motor: Production Volume (FY 2019-2023) and Capacity (FY 2024/2025/2030) of Automobiles in India
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