Maruti Suzuki India is reportedly looking to begin electric vehicle exports to Japan and Europe later this year. It is also reportedly looking to invest in a new plant in Western India.

What Happened: The largest car manufacturer in the country is set to inject ₹35,000 crore ($4.2 billion) into a new plant in Gujarat, Toshihiro Suzuki, President of Suzuki Motor Corp, announced during the Vibrant Gujarat investors’ gathering, according to a Bloomberg report.

The proposed factory is poised to contribute an additional 10 lakh vehicles annually to Maruti Suzuki’s current production capacity of 750,000 units in Gujarat. The plan, subject to board approval, anticipates the commencement of operations in the financial year 2029, according to a stock exchange filing.

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Alongside this expansion, Maruti Suzuki is gearing up to unveil its first electric vehicle (EV) by the end of this year. The company plans to allocate ₹3,200 crore for the addition of a fourth production line at the existing Suzuki Motor Gujarat facility, focusing on manufacturing 250,000 electric vehicles annually.

The new EV production line is projected to go live in the financial year 2027, with a target market spanning India, Europe and Japan. This move into electric mobility could help Maruti Suzuki close the gap with rival Tata Motors, a key player dominating India’s burgeoning electric vehicle sector.

Price Action: Maruti Suzuki’s share price was up 0.46% at ₹10,056.60 in morning trade on Thursday.

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