Reuters

Suzuki said it is learning EV and other technologies from Toyota with a goal to develop cars that are more in line with its own products.

"So how to introduce this EV technology on small cars is something we need to work upon and share with Toyota," he said on the sidelines of the auto show.

After a slow start to EVs, Toyota – which has a 4.89 percent stake in Suzuki – is considering a reboot of its electric car strategy given the rise in popularity of EVs.

Toyota currently only offers one full-electric vehicle, the bZ4X crossover, but plans to launch five additional EVs in Europe under the bZ subbrand by 2026.

The Japanese car giant's planning previously assumed demand for EVs would not take off for several decades and it has favored hybrid technology.

When asked if SMC would consider launching EVs built on gasoline engine platforms, Suzuki said the company needed to develop an EV from scratch.

The automaker unveiled the midsize eVX electric SUV concept at the show, with the automaker's president saying the production car would be launched in 2025.

India's EV market has gained momentum. Tata, which dominates electric car sales in the country, as well as foreign players SAIC MG Motor, Mercedes Benz and Stellantis have lined up launches.

With planned investments of up to $1.3 billion to make EVs and batteries locally, Suzuki is pushing deeper into India, which is set to become an EV hub for the Japanese automaker.

Suzuki is the majority-owner of Maruti, which has faced growing competition from rivals as buyers shift to bigger cars such as SUVs and regulators demand safer and greener cars, increasing costs. This has pushed its market share to under 43 percent from over 50 percent in 2019.

"One of the reasons we could not sustain 50 percent market share ... there was a delay in launching SUVs at our end," Suzuki Motor President Toshihiro Suzuki said, adding the company was trying to recover its market share by launching more SUVs.

"We see potential of long term growth in the small car segment. We have to make effort for deeper penetration and further spread the sale of compact and small cars in India," he said, adding Suzuki would work with Maruti to regain market share.

Maruti dominates car sales in India with its small, low-cost vehicles, making the South Asian nation one of the most important markets for the Japanese company.

India contributes 50 percent to 60 percent in revenues to SMC and this ratio is likely to increase in the future, Suzuki said at the event held on the outskirts of the capital city of New Delhi.

Source:Automotive News