The Nifty stock rallied up to 4% to hit day's high at Rs 10,036.95 on NSE.
Invicto marks Maruti's entry into the premium three-row segment, as it looks to gain a foothold in the above Rs 20 lakh segment with the new model after having attained leadership in the Rs 15-20 lakh vehicle segment last fiscal.
Price of the new car's 7-seater model begins from Rs 24.79 lakh while the 8-seater model commands a price of Rs 24.84 lakh.
"Our entry into the premium three row UV segment with the launch of the INVICTO adds a new dimension to NEXA’s portfolio and to Maruti Suzuki as a brand. With its SUV-like character, our Annexure- "A" new INVICTO delivers a combination of premium design, intelligent packaging, and an abundance of safety features and innovation," said Maruti MD and CEO Hisashi Takeuchi.
So far, Maruti has already received around 6,200 bookings for its latest product.According to MSI Senior Executive Officer (Marketing and Sales) Shashank Srivastava, the three-row SUV/MPV segment stood at around 2.58 lakh units last fiscal with vehicles priced over Rs 20 lakh accounting for around 1.2-1.25 lakh units.Maruti commands a 50% market share in the MPV segment. The company's share in the SUV segment, which stood at 8.5% in Q1 FY23 has risen to close to 20% in Q1 FY24, Takeuchi said.
"While we are at the second position in the industry now, it is only a matter of time before we take the number one position in the SUV segment," he noted, adding that they plan to double Maruti Suzuki India's turnover by 2030-31.
In the SUV segment, Maruti's target is 25% market share this fiscal. It has recently launched two models, Fronx and Jimny to strengthen its product range.
With Invicto, the company is targeting customers who want a premium three-row vehicle with the characteristics of SUV and MPV both.
"The customers in this segment are not looking specifically for an SUV or an MPV. What they need is a premium three-row vehicle with a lot of space and good driving performance, features and technology. So we have decided to participate in this segment," Srivastava said.
Maruti has also announced its intention to bring in at least six electric vehicles by FY31 across segments. It expects SUVs as a percentage of total car sales to rise to 48-49% over the next two quarters.
On NSE, Maruti shares ended 3.55% higher at Rs 9,990. In the last 3 months, the stock is up around 18%.
Maruti Suzuki shares cross Rs 10,000 milestone for first time on Invicto SUV launch - Economic Times
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