Maruti Suzuki targets over 10% growth in sales

Written by fe Bureaus | New Delhi | Updated: Aug 26 2009, 08:37am hrs
Maruti Suzuki India, the countrys largest passenger car manufacturer, is expecting its sales to grow by over 10% during the current financial year on the back of new models and relatively lower base of last year.

Our target is to sell eight lakh units this fiscal, which will translate into a growth of over 10% compared to the last financial year, when the company sold 7.22 lakh units, said Shinzo Nakanishi, managing director and CEO, Maruti Suzuki India.

Nakanishi said the industry went through a demand slump in the second half of 2008-09 after the global meltdown, adding that as such, the base for comparison was very low.

We are expecting good growth in the upcoming festive season with new models and plan to ramp up production in the next few months, he said, without divulging details. Maruti Suzuki launched A-Star late last year, followed by Ritz in the compact car category, as well as the new Grand Vitara in the sport utility vehicle category.

According to the Society of Indian Automobile Manufacturers, MSI sold 2,64,936 units in the domestic market during the April-July period this year, a jump of 13.7% over the same period in the last financial year. With a huge demand for its recently launched A-Star in the European market, the company is also eyeing over 57% growth in exports. Probably we will end up selling about 1.1 lakh cars in the overseas markets in 2009-10, against over 70,000 passenger vehicles that were shipped out of India last year, Nakanishi said.

The company on Tuesday launched a new version of its small car, Estilo, priced between Rs 3.12 lakh and Rs 3.95 lakh (ex-showroom, Delhi).

The new 998-cc petrol car is equipped with the latest K-series engines that also runs the recently launched A-star and Ritz, and is in line with the companys plans to upgrade all existing models with the new engine that is Euro-V compliant.