Maruti launches premium Invicto car; enters above Rs 20-lakh segment

New Delhi: Maruti Suzuki India (MSI) on Wednesday launched the new Invicto at introductory prices ranging from Rs 24.8-Rs 28.4 lakh as it looks to gain foothold in the premium three-row multi purpose vehicle segment.

The company has launched Invicto in three variants and expects the model to further strengthen its presence in the overall MPV segment where it commands around 50 per cent market share already.

The country's largest carmaker will source the strong hybrid model from Toyota Kirloskar Motor (TKM) as part of a global collaboration between Toyota and Suzuki.

TKM already sells Innova HyCross in the domestic market and the same would be supplied to MSI with certain changes in design and other elements.

Speaking at the launch event, MSI MD and CEO Hisashi Takeuchi said the model has been carefully crafted to match the modern taste of NEXA customers, who want a premium three-row vehicle with dynamism of an SUV.

He noted that Grand Vitara, Fronx and Jimny have substantially enhanced the automaker's market share in the SUV segment.

The company's share in the SUV segment, which stood at 8.5 per cent in Q1 FY23 has risen to close to 20 per cent in Q1 FY24, Takeuchi stated.

"While we are at the second position in the industry now, it is only a matter of time before we take the number one position in the SUV segment," he noted.

He said, looking at the immense potential of the Indian automobile market, its parent Suzuki Motor Corporation has outlined a robust growth plan.

As per Suzuki's growth strategy towards 2030, it targets to achieve a global turnover of Rs 4.32 lakh crore in FY31, Takeuchi said.

This is exactly double the turnover of Rs 2.16 lakh crore achieved in FY22 and for this, Suzuki has planned an investment of around Rs 2.8 lakh crore by FY 31 towards enriching products, bringing new technologies and setting up new facilities, he added.

"India of course will play a very big role in this goal," Takeuchi said adding MSI's turnover would also double by 2030-31.

He noted that in line with anticipated market growth in 2030, the company is also expanding its manufacturing capacities.

"... construction at our new manufacturing facility in Kharkhoda is in full swing and we plan to commission the first plant with an annual manufacturing capacity of 2.5 lakh units by 2025," Takeuchi said.

Once fully operational, the facility will have an annual capacity to manufacture 10 lakh vehicles and will be one of the world's largest single location manufacturing sites, he added.

Suzuki also has a well-defined road map on carbon neutrality for India, Takeuchi said.

"We are committed to bringing six EVs by FY 31 across different segments.Besides, in our journey of vehicle decarbonization, we will continue to deploy multiple powertrain technologies like CNG and Hybrid in our products and introduce biofuels like Ethanol Flex Fuel and Biogas," he added.

Elaborating further, MSI Senior Executive Officer (Marketing and Sales) Shashank Srivastava said the company attained leadership in the Rs 15-20 lakh vehicle segment last fiscal.

He noted that sale of cars above Rs 10 lakh price tag has more than tripled from 2015-16 till last fiscal.

"This has emboldened us and we see an opportunity in the over Rs 20 lakh category as well with the introduction of the Invicto," Srivastava said. MSI has received over 6,000 bookings for the model so far, he added.

The Invicto comes powered by a 2-litre petrol engine mated with strong hybrid technology and delivers a mileage of 23.24 km per litre.

It comes with a seating configuration of seven and eight seats.

MSI aspires to become the leading SUV player this fiscal with a market share of around 25 per cent.

It has recently launched two models, Fronx and Jimny to strengthen its product range.