Maruti Suzuki Worried About Low Demand for Small Car Business
- Profit fell 17%, revenue inched up 0.4% compared to last year
- India’s biggest carmaker missed profit estimates on Tuesday
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Maruti Suzuki India Ltd., country’s largest carmaker, sees weak demand weighing on sales of its smaller passenger vehicles, after its quarterly profits missed estimates.
The company’s heft in the local market will expand when sales for entry level vehicles gather pace, Chairman R C Bhargava told Bloomberg Television on Wednesday. “Our market share will certainly grow as soon as the lower end of the market, the cars below 1 million rupees, start growing,” he said. “We hope that by 2031-2032 we will certainly be back to 50%.”