With Invicto MPV, Maruti Suzuki has upmarket sights

On July 5, Maruti Suzuki India (MSIL) launched its flagship MPV model, the Invicto, with prices ranging from Rs 24.79 lakh to Rs 28.42 lakh, ex-showroom. The full-size MPV, which will be retailed from MSIL's premium Nexa channel, aims to empower the company to tap into the potential of the over-Rs 20 lakh price segment, a category that it claims has registered strong growth over the last eight years, with the growing affluence of the Indian car buyer.

The Invicto is the eighth product in the company's Nexa portfolio, and marks eight years of the retail channel, which has clocked two million in volumes since it was commissioned in July 2015.

With differentiated models like the Baleno, Ciaz, and Grand Vitara, Nexa has been catering to the needs of the discerning customers in India's mass passenger vehicle market.

The Invicto, that will be offered in 7- and 8-seat configurations, and is part of the Toyota-Suzuki global alliance, with the MPV being based on the Toyota Innova HyCross, launched in December 2022. MSIL pins its hopes on the new entrant in its portfolio to grab the Number One spot in the overall SUV segment in FY24.

Hisashi Takeuchi, Managing Director, MSIL says, "The Invicto is our third new product within the first four months of FY24. It clearly reflects MSIL's confidence in customers and India's automobile market. While earlier this year, we had shared our aspiration of becoming the Number One player in the SUV segment in FY24, we have already achieved the second spot."

Led by the Grand Vitara, Fronx and Jimny, the company's UV sales have received a new charge. While its UV market share was pegged at 8.5 percent in Q1FY23, it has more than doubled to grow to 20 percent in Q1 FY24. "It is only a matter of time until we clinch the Number One spot," Takeuchi said confidently.

MSIL, which closed FY23 with an MPV market share of 49.7 percent, is confident about the Invicto augmenting its share, as the company is hopeful of better chip supplies in the Q2 of FY24 to offer quicker deliveries of its MPV line-up which is represented by the Ertiga, XL6, and now the Invicto MPV.

Targeting affluent buyers
Maruti Suzuki, which dominates India's small-car market, says there is a perceptible shift in consumer preferences over the last decade. "There has been a significant rise in the affluence of the customers, wherein the share of customers buying cars more than Rs 10 lakh has tripled from being pegged at 13 percent in FY16 to 40 percent in FY23," said Shashank Srivastava, Senior Executive Officer, Marketing and Sales, MSIL. The company says that while the UV market too has more than doubled, growing from 22 percent in FY16 to 52 percent in FY23, it eyes a huge opportunity with the Invicto. "We see an opportunity in the Rs 20 lakh price segment by exceeding the expectations of discerning customers. These consumers are lifestyle seekers who value comfort and experiences," Srivastava added.

Moreover, the company is confident that the Invicto, which will sit in its portfolio as the flagship model within the Nexa range, will also boost MSIL's brand image, which is largely perceived as a small-car specialist. While Nexa registered a strong 85 percent growth in Q1 FY24, MSIL expects it to continue showing robust performance, especially with a raft of its latest products coming under the premium retail umbrella.

Strong-hybrid tech on offer
The Invicto, which is based on the Toyota Innova HyCross, is a monocoque MPV which will come powered by a strong-hybrid powertrain. The 2.0-litre, Atkinson cycle petrol engine is coupled with an electric drivetrain, and an e-CVT, making it an efficient full-size MPV with a certified fuel efficiency of 23.24kpl.

In terms of visual appeal, the Invicto gets marginal differences over the Toyota Innova HyCross at its front, rear and on the inside. While it gets a newly-designed grille and 17-inch, diamond-cut alloy wheels, the MPV gets champagne gold accents on the instrument panel combined with an all-black interior. It offers 690 litres of boot space along with features like a panoramic sunroof, 360-degree camera, 10.1-inch touchscreen and a 7-inch TFT instrument display.

Since the MPV's launch on July 5, Maruti Suzuki claimed to have received 6,200 bookings of the Invicto since the commencement of bookings on June 19, and with easing supply chains, aims to deliver the cars to customers at the earliest. The Invicto will be manufactured at Toyota Kirloskar's plant in Bidadi, in Karnataka.

This feature was first published in Autocar Professional's July 15, 2023 issue.