Suzuki managing director Masahiko Nagao stated at the companyâ€™s financial statement announcement held on 3 August that â€œwe can expect to see about 7% growthâ€ over the course of FY 2016 in the Indian automotive market.
Sales for four wheel vehicles in India for the first quarter of the year (April through June) as announced at the event were that the company had seen a 5% increase from the same period the previous year, bringing the number of units sold to 322,000 vehicles, which is a fairly substantial start to the year for the company. According to Mr. Nagao, the Society of Indian Automobile Manufacturers is predicting that the market will see 11% growth over the course of FY 2016.
However, Mr. Nagao also supposed that â€œMarket predictions also include expected values, so we are expecting 7%.â€ Suzukiâ€™s target sales for FY 2016 have also been set at 7%. Though the company is currently holding nearly half of the market share, Mr. Nagao stated that â€œcompetition is getting fierce, and there are models of ours that are not performing as well as we would hope.â€ To that extent, the company is taking as stance toward the current market such that they will be poised to fight hard to protect their share of sales even market growth returns to a more traditional rate.
[Translated by Bryce Clarke]