Skoda Cars Volkswagen India intends to launch new models and refresh existing ones in 2024, as well as enter the electric vehicle (EV) segment, while also significantly increasing exports of made in India vehicles. According to its group managing director Piyush Arora, this will help the Czech firm increase capacity utilisation at its Aurangabad and Chakan plants to more than 90% from the current 70-75%, making the coming year critical for its India operations.
Volkswagen Group invested 1 billion euros in India as part of its India 2.0 strategy, announced in 2018, to locally develop multiple models at various price points, with Skoda leading the India operations. After experiencing some success with the strategy, the group is now finalising investment and timelines for the next phase of growth.
It intends to launch the next generation of its flagship model, the Superb, in 2024, while SUVs will lead its future product strategy in India, according to Arora. Along with the Superb, Skoda will launch a mid-size SUV, its first battery-electric vehicle, and a refresh of its existing models, he said.
According to Arora, sedans, which account for 10% of the overall passenger car market (mid-size and compact sedans and hatchbacks), will continue to be popular, even as buyer preference has shifted to SUVs, which account for one in every two passenger vehicles sold.
"While the overall body styling has shifted to SUVs, I am still pleased that we decided to offer more sedans than SUVs as part of India 2.0." While sedans are not gaining segment share, the overall market is growing, according to Arora. "There are sedan lovers, and they aren't going away." We will not abandon the sedan, and we will continue to offer sedans."
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