Suzuki Motor Corporation this week revealed its new mid-term strategy, targeting annual revenues of JPY8trn by the fiscal-year 2030 (FY2030) - up from JPY5.4trn in FY2023, and an operating profit of JPY800bn – up from JPY465bn. Automobiles are expected to account for JPY700bn of the FY2030 operating profit, compared with JPY398bn in the last financial year, with the remaining JPY100bn to come from its motorcycle and marine engine operations.
The Japanese automaker said it aims to boost global automobile sales to 4.2 million units by FY2030, which ends on the 31st of March 2031, up from 3.16 million units in FY2023, driven by a strengthened line-up of electrified vehicles in Japan and capacity expansion in India. The company said it plans to invest JPY6trn over the next six years to accelerate its transition to electrified vehicles, including hybrid and battery-electric vehicles (BEVs).
In Japan it aims to launch six new BEV models, but hybrid electric vehicles are still expected to account for most of its electrified vehicle sales in this market.
India will become an increasingly important market and production location. Suzuki is targeting a local market share of 50%, while also planning to strengthen its vehicle export operations in the country. By FY2030, it aims to have an overall production capacity of 4 million vehicles in India.
Suzuki said it aims to launch four new BEV models in Europe by FY2030, starting with a battery-powered Vitara, with India expected to be the main source of overall vehicles sold in this region.
Under the new business plan, Suzuki also aims to sell 2.54 million motorcycles worldwide by FY2030 - up from 1.91 million units in FY2023, targeting growth in North America and Europe in particular.
