Maruti Suzuki

Suzuki will start producing electric vehicles at the Gujarat plant and export them to Japan as well. The company will also consider supplying India-made EVs to partner Toyota Motor for European markets that would be sold under the Toyota brand, the report published in Japan's Nikkei newspaper on Wednesday stated.

The issue will be taken up at the company’s Board of Directors meeting, scheduled on October 17, India’s leading car maker said in a stock exchange filing on Thursday. The decision saw the company’s share price going up in the morning session at BSE on Thursday.  

The draft assessment order dated October 3 is for the financial year 2019-20, the auto major said.

The notice pertains to the matter of tax liability under reverse charge basis on certain services for the period of July 2017 to August, 2022, the company said in a regulatory filing.

Maruti Suzuki hit an all-time high of Rs 10,575 on Thursday on the BSE, while Ultratech Cement hit an all-time high of Rs 8,703.

The SMG with a production capacity of 7.5 lakh units per year was promoted by Suzuki Motor Corporation to be a contract manufacturer of vehicles for Maruti Suzuki India several years back.

Recently introduced Jimny, Fronx and Invicto have received good customer response. Pending order book for Brezza, GV, Jimny, Fronx, Invicto, Eritga stands at 48k/27k/23k/22k/8k/93k units, respectively. Backed by recent SUV launches, the company has regained leadership position in SUV segment during 1QFY24, the report said.

According to Maruti Suzuki, it sold 159,418 units (domestic 136,019 units, to other vehicle makers 3,629 units and exports 19,770 units) up from 155,857 units (domestic 125,710 units, to other vehicle makers 6,314 units and exports 23,833 units) sold in June, 2022.

The government has suggested a ban on diesel-powered cars by 2027 in cities with a population of over a million people. "The impact on the diesel vehicle industry will be from now, and not from 2027," Shashank Srivastava, Senior Executive Officer (Marketing & Sales), Maruti Suzuki India Ltd, told IANS.

It should be noted that the company had logged lower exports and sales to other car makers last month as compared to the units sold in April 2022. The shortage of electronic components had some impact on the production of vehicles. The company took all possible measures to minimise the impact, Maruti Suzuki said.