- 08 Jun 2022
- ICICIdirect Research
MEDIA SOURCES INDICATE MARUTI'S NEW JOINTLY DEVELOPED SUV TO BE UNVEILED SOON
MARUTI - 10899 Change: 162.65 (1.51 %)News: As per media sources, Toyota's mid-size SUV to rival Hyundai's Creta, Kia Seltos is likely to be unveiled globally on July 1, 2022. This SUV is jointly developed by Maruti Suzuki & Toyota India and same would be launched under both the brands (co-badged). However, this time it will be manufactured by Toyota and supplied to Maruti Suzuki. It is expected to be launched during the festive season in the later part of the calendar year with price range of ~Rs. 10-18 lakh (ex-showroom)
Views: The market share at Maruti in the UV segment has been on a continuous decline (19.5% as of FY22 vs. 21.6% as of FY21) due to innovative offerings by competitors and absence of new launches especially in the mid-size compact SUV segment. This SUV launch is important for Maruti as it aims to regain the 50% market share mark (43.3% as of FY22) in the domestic market in coming years. The pricing and technology offering in this new product would be key monitorables for its commercial success and would be closed watched, going forward
Impact: Neutral