Market Reacts Positively to Maruti Suzuki’s Foray into Electric Vehicle Segment with eVX
Maruti Suzuki India Ltd shares witnessed a significant surge of 3.84% today, reaching an all-time high of Rs 12,722.70 per share on the National Stock Exchange (NSE). This remarkable spike follows the recent announcement by the company regarding its entry into the electric vehicle (EV) market with the unveiling of its first electric vehicle slated for launch in 2025.
The upcoming EV, named eVX, is poised to mark Maruti Suzuki’s debut in the electric vehicle segment in India. Set to be introduced through the company’s premium and luxury channel, NEXA, the eVX promises cutting-edge features and stellar performance. With a robust 60kWh battery pack, it boasts an impressive range of up to 550 km, positioning itself as a formidable contender in the electric vehicle market.
Crafted and engineered by Suzuki Motor Corporation in Japan, the eVX underscores Maruti Suzuki’s unwavering commitment to innovation and sustainability. Additionally, the company plans to capitalize on its ‘Made in India’ advantage by exporting these electric vehicles to markets in Europe and Japan, thereby expanding its global presence in the electric vehicle domain.
NEXA, Maruti Suzuki’s esteemed premium sales channel, will play a pivotal role in the launch and distribution of the eVX. Since its inception in 2015, NEXA has garnered a loyal customer base exceeding 1 million individuals and has extended its reach to over 200 cities nationwide. Through NEXA, Maruti Suzuki aims to deliver a seamless digital experience to customers, offering unparalleled services and journeys.
Shashank Srivastava, Senior Executive Officer, Marketing and Sales at Maruti Suzuki India Ltd, underscored the strategic importance of introducing the electric SUV through NEXA, emphasizing the company’s dedication to delivering outstanding products and experiences to its discerning clientele.
Maruti Suzuki’s venture into the electric vehicle segment aligns with its broader vision of expansion and market dominance. With an impressive 65% market share in the non-SUV segment, the company seeks to bolster its presence in the SUV market, targeting a market share of 50%. Recent launches such as Jimny, Fronx, Brezza, and Grand Vitara have contributed significantly to the company’s market share growth, solidifying its stature as a key player in the automotive industry.
Srivastava further elaborated on Maruti Suzuki’s strategic approach, emphasizing the significance of consolidating and retaining market share across diverse segments.
