The Business Bytes
New Delhi, April 1, 2024 (TBB Bureau):
Suzuki Motorcycle India Pvt. Ltd. (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan, on Monday announced its unprecedented sales milestone for the fiscal year 2023-24, propelled by robust demand and strategic initiatives.
For the first time in its history, SMIPL surpassed the remarkable milestone of selling over 11 lakh units, reaching a staggering 11,33,902 units in FY 2023-24. This achievement marks a remarkable 21 per cent growth compared to the preceding fiscal year, where the company sold 9,38,371 units.
A substantial contributor to this outstanding performance is the domestic market, witnessing an impressive 26 per cent surge from 7,30,756 units in FY 2022-23 to 9,21,009 units in FY 2023-24. Additionally, SMIPL’s export volume experienced 3 per cent growth, reaching 2,12,893 units in FY 2023-24 from 2,07,615 units in FY 2022-23.
In March 2024 alone, SMIPL achieved a total sales figure of 1,03,669 units, reflecting a notable 6.2 per cent increase compared to March 2023. Domestic sales surged by 18 per cent, reaching 86,164 units in March 2024 compared to 73,069 units in March 2023. However, exports slightly decreased to 17,505 units in March 2024 from 24,515 units in March 2023.
Speaking on the company’s sales performance, Kenichi Umeda, Managing Director, Suzuki Motorcycle India Pvt. Ltd. said, “We are extremely thankful to all our customers, dealer partners, suppliers and SMIPL team members for their support in achieving the highest ever sales in FY2023-24. SMIPL’s performance in FY2023-24 showcases the immense trust and confidence that customers have shown upon Suzuki two-wheelers. As we continue to innovate and expand our offerings, we look forward to further strengthening our position in the Indian two-wheeler market.”
“With a focus on customer hospitality and satisfaction, we aim for sustaining this growth momentum in the future,” he added.
FY 2023-24 witnessed several significant milestones for Suzuki Motorcycle India. The company introduced the much-awaited Suzuki V-STROM 800DE, its first 800cc-class motorcycle in India, expanding its renowned V-STROM family. Additionally, SMIPL upgraded its entire domestic lineup with E20 compliant engines, aligning with environmental standards.
To enhance customer experience, SMIPL expanded its dealership network across multiple states, including Maharashtra, Gujarat, Tamil Nadu, West Bengal, and Punjab. The company also forged strategic partnerships with banking and financial institutions, facilitating easier access to Suzuki motorcycles for customers.
In a pioneering move, SMIPL hosted the Suzuki Matsuri – a vibrant festival celebrating the spirit of motorcycling in Delhi and Bangalore. Furthermore, the company organized the Access Mileage contest and V-Strom experience days across various locations, engaging directly with its customers and enthusiasts.
