Maruti Suzuki is expected to spend more than $5.5 billion (roughly Rs. 45,000 crore) to double its production capacity to 4 million vehicles by 2030. By doing this, the automaker hopes to increase its local market share and increase exports. According to The Economic Times, which cited people familiar with the situation, Maruti Suzuki will commission 8 assembly lines with a combined annual production capacity of 2,50,000 units across 2 new facilities.

Under the condition of anonymity, a senior industry executive stated that the cost outlay could increase depending on the commissioning timelines for the units and the rate of cost inflation. At Haryana’s Kharkhoda, the first unit’s construction has begun. Mahesana in Gujarat and Manesar in Gurugram currently have a combined installed capacity of 2 million units for Maruti Suzuki.

According to MSI Chairman RC Bhargava, the company has been given permission to expand the Kharkhoda plant’s capacity by up to one million units. Bhargava added that the company has received preliminary approval to build another million units at a new location. One million of the 4 million total planned units will come from sales to original equipment manufacturers (OEMs) and exports.

With the remaining capacity anticipated, the automaker will be able to increase its market share from 41% in 2022–2023 to 50%. Our goal, according to RC Bhargava, is to restore our market share to a level that is as close to 50% as is feasible. The business also has a number of launches planned for the SUV and electric vehicle (EV) markets.

Additionally, Maruti Suzuki was India’s top exporter of passenger vehicles (PVs) for the second consecutive year in FY23. By the end of the decade, the automaker wants to export 7,50,000 vehicles, up from 2,59,000 units in the previous fiscal.

Maruti Suzuki shares were up more than 1% at the time of writing this article, trading at 9,262.15 per share on the BSE and at 9,260 per share on the NSE.