India’s largest carmaker – Maruti Suzuki India (MSIL’s) – premium retail channel has clocked cumulative sales of over 561,000 units in FY24, with the company registering a 52 percent year-on-year growth (FY23: 369,000) for its retail arm that was kicked off in 2015.
With an intent of gravitating young, aspirational and discerning customers, Nexa has focused on the ethos of offering a premium experience to its buyers through an expansive footprint of 490 outlets across the country. The growth in Nexa volumes in FY24 was contributed the carmaker’s top-selling Nexa model – Baleno – which was accompanied three new models in FY24.
While MSIL introduced the Fronx crossover in April 2023, it launched the Jimny in June last year, followed the flagship Invicto MPV in July 2023. The exercise expanded the Nexa portfolio to a total of seven models – Ignis, Baleno, Ciaz, Fronx, Grand Vitara, Jimny, and Invicto. The Baleno premium hatchback at sales of over 195,000 units in FY24 was the largest selling model for the carmaker from the Nexa channel.
The company says Nexa has been the fastest-growing brand for any automaker in the country and plays a crucial role in MSIL’s retail strategy. MSIL also revealed that out of its current order book of 198,000 units, the Grand Vitara SUV accounts for 8,000 units with an average waiting time of 3-4 weeks.
The company revealed that its current order book stands at 198,000 units, with the Ertiga MPV commanding the highest waiting period of up to 4.5 months, and an order backlog of around 70,000 units. With SUVs growing their contribution in overall passenger vehicle sales to around 50 percent in FY24, Maruti Suzuki too registered a growth in its UV share in the last financial year.