Shares of Maruti Suzuki India Ltd hit record highs intraday on Tuesday amidst news of Japanese automaker Suzuki Motor Corporation announcing an investment of Rs 70,000 crore in India over the next five to six years. 

Shares of Maruti surged 2.53 percent to touch an all-time high of Rs 14,823.45 intraday. Maruti Suzuki’s stock was up 1.85% at 14,720 apiece at 3.29 pm.

The investment will be used to increase production, introduce new car models, and protect its leadership position in the world’s third-largest automobile market.

The announcement was made by Suzuki Motor Corporation President Toshihiro Suzuki during the launch of Maruti Suzuki’s first electric SUV, the ‘e-Vitara’, at the company’s Hansalpur plant in Gujarat.

PM Modi Flags Off Maruti 1st Batch Electric SUV

Prime Minister Narendra Modi flagged off the first batch of the electric SUVs at the inauguration ceremony. The Prime Minister also celebrated the start of local manufacturing of first Lithium-ion battery, cell & electrode for strong hybrid electric vehicle at TDS Lithium-Ion Battery Gujarat Private Limited  Maruti Suzuki’s fellow subsidiary.

e-Vitara To Be Exported To Over 100 Countries

The e-Vitara will be manufactured exclusively at Suzuki Motor Gujarat (SMG), a unit of Maruti Suzuki India, and exported to more than 100 countries.

The first shipment will leave from Pipavav port for Europe, covering markets like the UK, Germany, France, Norway, Italy, and several others.

Suzuki also confirmed that the electric SUV will be exported to Japan.