Suzuki Motors raises sales forecast for FY23 to 3.04 million units

9 Nov 2022 , 08:23 AM

Suzuki Motor Corporation (SMC), the largest automaker in Japan, has increased its fiscal year sales projection. More than two-thirds of the increase may be attributed to India, where demand has recovered strongly amid tightening component supply.

In contrast to the prior prediction of 2.91 million units, the parent company of the market leader Maruti Suzuki plans to end the fiscal year with sales of 3.04 million automobiles. India’s sales are predicted to increase by 21% throughout this time. Suzuki announced when it released its financial results for the September quarter of this year that it expects to produce 3.27 million units this year, an increase from the earlier expectation of 3.1 million units.

As facilities continue to experience production suspension owing to component shortages from May 2021, volume growth in Japan is anticipated to be slower than previously anticipated this fiscal year. However, sales in the Asia region as a whole have been revised upward by 136,000 units. Suzuki sells 85% of its cars in India, and India will contribute 115,000—17,000 units to this increase in output.

While sales increased by 34.4% in India in the first half of the year, SMC’s volumes decreased or stayed the same in Indonesia, Pakistan, Thailand, and the Philippines.

Sales locally are anticipated to approach the 4 million mark this fiscal year due to strong consumer demand, particularly for midsized passenger vehicles. Bhargava had stated after the second quarter results that Maruti Suzuki itself is anticipated to end the year with sales at levels similar to those of FY19 when the business sold 1.75 million units.

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