Magyar Suzuki Closes a Successful Year in 2023

Suzuki plans to introduce five electric models by 2030, as part of the automotive industry’s green transition. Magyar Suzuki Zrt. aims to have its Esztergom (northern Hungary) plant participate in the production of these models, stated Masato Atsumi, CEO of the company.

Reviewing the past year’s activities, Mr. Atsumi highlighted Suzuki’s reliability in the Hungarian economy despite difficult conditions, emphasizing safe and stable operations. The company invested EUR 55 billion in development last year and plans to spend EUR 75M this year. Since its foundation, the owner has invested EUR 2 billion.

Deputy CEO Róbert Krisztián reported a successful 2023 for Suzuki. The initial capacity shortfall and car shortage in the first half were compensated for in the second half, resulting in a 24.3 percent production increase.

A total of 160,338 Vitara and S-Cross models were produced, of which 88.5 percent were hybrid models.

Suzuki models also performed well in global sales. The plant delivered 161,763 cars to 123 countries across five continents, with 156,213 produced in Esztergom. Of the vehicles sold, 92 percent were exported.

In Hungary, 12,167 new Suzuki cars were sold, 10,957 of which were made in Esztergom. The brand holds an 11.3 percent market share in the Hungarian new car market. The Deputy CEO noted that sales were evenly split between companies and private buyers. For this year, the sales target is 130,000 cars, a decrease from last year due to dealers replenishing their stocks.

Suzuki’s engine business sold 372 vehicles, marking a 19 percent increase. The marine business, which produces boat engines and parts, also saw growth, with 497 engines sold.

Ildikó Fejesné Gyurján, Chief Operating Officer responsible for HR, Finance, and IT, presented the financial results. Magyar Suzuki Zrt.’s net sales amounted to EUR 2.871B in 2023, a 33.9 percent increase. Domestic sales were EUR 272.6M, and export sales were EUR 2.598B. Profit after tax was EUR 141.7M, with no dividends paid as profits were transferred to the profit and loss reserve.

Via MTI; Featured Image: Facebook / Magyar Suzuki Esztergom