Maruti Suzuki’s premium brand, Nexa which was launched in 2015 has crossed the record breaking mark of 50,000 sales in the month of July 2023. With this number, Nexa has surpassed the famous South Korean automaker Hyundai and has become the second bestselling car brand in India after Maruti Suzuki.
Overall, Hyundai did sales of about 50,701 cars in the month of July. On the other hand, Maruti Suzuki’s Nexa brand sold 52,450 cars. The credit for these sales numbers can be given to Nexa’s recently launched models such as Fronx, Jimny and Invicto.
Hyundai’s current lineup in India includes Exter, Verna, Creta, i20, i10 Nios, Aura, Venue, Tucson and Alcazar with Exter being the latest launch. Hyundai also offers two electric cars in India which are KONA Electric and IONIQ 5.
Shashank Srivastava, Senior Executive Director (Marketing & Sales), Maruti Suzuki India Limited, satisfied with the numbers said
Maruti Suzuki’s overall passenger vehicle (PV) market share is currently around the 43 percent mark, last year it was 41.8 percent and right now we have 43.5 percent market share . More importantly, we became number one in the SUV segment from number four in 2022. In July 2023, Maruti Suzuki sold 42,600 SUVs surpassing Mahindra, which sold approximately 32,400 SUVs. Compared to our 12.1 percent market share in the SUV segment last year, it grew to 24.7 percent in July 2023. The company has goals to acquire 50% of market share in the passenger vehicle segment by 2024.
About the SUV segment, Mr. Srivastava said
It is not necessary for us to dominate 65 percent or 70 percent SUV market share in order to become market leaders. I believe that we can be market leaders with 25 percent SUV market share also because the SUV segment is fragmented.
With this statement, it is clear that the company is focusing on the SUV segment and there can be more launched by Maruti in this segment.
Suzuki Motor Corporation, formerly known as Maruti Udyog Limited, in 2015, decided to launch its more premium cars under the Nexa brand rather than launching under the same Maruti Suzuki name. Both of these brands, Maruti Suzuki and Nexa, are currently dominating the Indian market.
Maruti Suzuki is the bestselling car brand in India followed by Nexa. These numbers are a result of new launches with great designs and latest technology and the brand image of Maruti Suzuki in India. The latest car launches from Nexa are Invicto, Fronx, Grand Vitara and the famous Thar competitor, Jimny.