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    Large masses of people moving away from car market is concerning, says Maruti Suzuki Chairman RC Bhargava

    Large masses of people moving away from car market is concerning, says Maruti Suzuki Chairman RC Bhargava

    Large masses of people moving away from car market is concerning, says Maruti Suzuki Chairman RC Bhargava
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    By Parikshit Luthra   IST (Published)

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    Speaking at an event to commemorate 40 years of the Maruti Suzuki joint venture, Bhargava said that the drop in market share and sale of entry-level cars was temporary, but he was more concerned about the quality of life of people being impacted by rising costs.

    Veteran industry leader RC Bhargava has expressed concern that large masses of people wanting to buy a car are moving away from the market. Speaking at an event to commemorate 40 years of the Maruti Suzuki joint venture, Bhargava said that the drop in market share and sale of entry-level cars was temporary, but he was more concerned about the quality of life of people being impacted by rising costs.
    "There is no fear with regard to stress on entry-level segments. We have been late in entering higher segments, but this is temporary. People continue to have faith in the brand and that will hold us good. Maruti has the option to move into segments which are more profitable", he told CNBC-TV18.
    While Maruti has maintained its market dominance over decades, the company's market share dropped to 43 percent in FY22, the lowest in eight years. Bhargava said that Maruti will soon come out with a range of formidable SUV options. "The biggest danger for any company which has been number one for a long time is complacency. One thing which Maruti should avoid in future is complacency. Loss of market share periodically, jolts us out of our comfort zone is good", he said. 
    Speaking to journalists in Ahmedabad, Bhargava said that 40 years ago no one imagined that India would become the fastest-growing automotive market in the world. "Osamu Suzuki the Chairman of Suzuki Motor Corporation was the only one keen on partnering with India at a time when the market here was absolutely stagnant", he said. Bhargava expressed confidence that this year's car production for the industry would be the highest ever in the history of India.
    The Maruti Suzuki Chairman reiterated that for India ‘electric’ alone cannot be an option. "Electric vehicles will not take off fast in India because of infrastructure issues. "Certainly let's push electric, but reducing carbon footprint will need other alternate fuels also. Electric alone will not reduce the carbon footprint", he said.
    On Sunday, Prime Minister Narendra Modi would lay the foundation stones for two future projects of the Suzuki Group. The first for an EV battery manufacturing facility in Hansalpur, Gujarat with an investment of 7300 crores. Second for a vehicle manufacturing plant at Kharkhoda, Haryana which will have the potential to manufacture 10 lakh passenger vehicles per year. 11000 crores will be invested by Suzuki in the first phase of the project in Kharkhoda. 
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