Maruti Suzuki India launched its priciest vehicle on Wednesday as it began its quest to become the largest player in the intensely competitive market for sports utility vehicles (SUVs).

The introductory prices for the three-row multipurpose vehicle Invicto, which is a cross-badged version of the Toyota Hycross, range from Rs 24.79 lakh to Rs 28.42 lakh.

India’s No. 1 car maker has gone on the overdrive in SUVs and in just a year raised its market share to close to 20 per cent in the first quarter of this fiscal from 8.5 per a year ago following a trio of launches in the new Brezza, the Fronx and the Jimny.

“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,” said Hisashi Takeuchi, CEO and managing director of MSIL.

Shashank Srivastava, executive director of MSIL, said the company was well on its way to reach its target of a 25 per cent market share in SUVs by the end of this fiscal.

Takeuchi said the company will play a big role in supporting parent Suzuki Motor Corporation to reach its target of doubling turnover to Rs 4.32 lakh crore by FY 30-31 from Rs 2.16 lakh crore now.

Suzuki has planned an investment of Rs 2.8 lakh crore to reach its global turnover goal.

Launching the Invicto, Takeuchi said: “When we last met at Auto Expo 2023, I had outlined the company’s aspiration to be number one in the SUV segment in financial year 2023-24. I am happy to share that with the success of some of our recent offerings such as the Grand Vitara, Fronx and Jimny we have substantially enhanced our share in the SUV segment.”

The company is increasing its manufacturing capacity with the upcoming Kharkhoda plant in Haryana, which will have an annual capacity of 10 lakh units per annum.

“In addition, we have received the board approval for expanding our production capacity to manufacture another 10-lakh additional unit per annum at Kharkhoda,” Takeuchi said.