Maruti Suzuki becomes number one player in ₹10 lakh to ₹20 lakh vehicle category: Report
₹10 lakh to ₹20 lakh vehicle category for the financial year 2022-2023. The company has reportedly become the number one player in the segment. As reported by Autocar India, the company’s market share rose to 22% in the first quarter of FY24 (April-June 2023), thanks to more demand for its premium SUVs.
The report quotes Shashank Srivastava, executive director of Sales & Marketing at Maruti Suzuki India who spoke on the sidelines of the Invicto's launch event last week. “Whichever segment Maruti Suzuki enters into, it is able to create a mark, only the types of products and the consumers change. The company understands the Indian consumers well, and is able to break into a fresh and new customer base," he said.
Maruti Suzuki Invicto is priced between ₹25 lakh and ₹30 lakh. The auto manufacturer has received over 6,800 bookings for the SUV last week. There has been a general surge in the prices of cars in India, which can be attributed to several factors, including the escalation of commodity costs, road taxes, insurance payouts, and the inclusion of enhanced features. As a result, the average selling price of cars in the country has surpassed the range of ₹9 lakh-10 lakh, compared to an average of approximately ₹6 lakh-7 lakh merely three to five years ago.
Emphasizing that Maruti Suzuki is capable of selling premium cars, Srivastava said "It is a fallacy or a myth that Maruti can't sell premium cars or SUVs or upgraders prefer other brands. Nexa, our premium channel, is set to be the second biggest automotive retailer [after Arena]. On a base of 3.7 lakh units in FY23, we have so far grown over 70 percent and the sales from Nexa are likely to cross about half a million units." Interestingly, Maruti Suzuki is the second
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