印度电动车政策濒死，铃木为何疯狂扩张

Core Viewpoint - Suzuki is strategically expanding its production capacity in India by investing approximately $550 million to increase annual production capacity by up to 1 million units, responding to rising domestic demand for vehicles [4][5][6]. Group 1: Production Expansion - Maruti Suzuki has announced plans to add a new plant in Gujarat, which will be its second passenger vehicle factory in the state, to address the current pressure on production capacity [8][12]. - The company currently has a total installed capacity of about 2.4 million vehicles, with peak capacity nearing 2.6 million, which is fully utilized [8][9]. - The new plant is part of a broader strategy where Suzuki aims to invest $8 billion in India over the next five to six years, positioning the country as a global production hub for electric vehicles [5][12]. Group 2: Market Demand and Sales Growth - Maruti Suzuki reported a record monthly sales figure of 178,646 units in December 2025, reflecting a year-on-year increase of 37% [4]. - The Indian automotive market is experiencing significant growth, with a 26.8% year-on-year increase in vehicle shipments to dealers in December 2025, marking the highest monthly growth for that year [8]. - The demand for entry-level models is strong, with an order backlog of approximately one and a half months, indicating robust consumer interest [4][8]. Group 3: Electric Vehicle Market Dynamics - Despite the growth in electric vehicle sales, which exceeded 270,000 units in 2025 (an 86% increase from 2024), the overall penetration rate of electric vehicles in the Indian passenger car market remains low at only 4% [15][16]. - The Indian government's electric vehicle manufacturing promotion plan has faced challenges, with no car manufacturers responding to the initiative, leading to its characterization as "nominally existent" [16][17]. - The uncertainty surrounding the government's electric vehicle policies has prompted Suzuki to focus on expanding production capacity and export capabilities to stabilize output and meet domestic and international demand [17].