Maruti Suzuki India Ltd. aims to double production to about 4 million vehicles a year by 2031 by introducing new models and boosting exports, according to the latest annual report from India’s biggest carmaker.

The New Delhi-based company, which exports its cars from South Africa to Chile, plans to triple overseas sales to 800,000 units by the fiscal year ending March 2031 and is looking to expand production capacity in India, Chairman R.C. Bhargava said in a message to shareholders published in the annual report.

“The domestic plus export requirements have made it necessary” to add manufacturing capacity for another 2 million vehicles, Bhargava said. Maruti has already announced that it is setting up a factory in Kharkhoda in the northern Indian state of Haryana, which will be able to produce 1 million cars a year, and is in the process of selecting a second site in India for another plant.

While Maruti has lagged behind peers such as Tata Motors Ltd. and Mahindra & Mahindra Ltd. in the electric vehicle market, it said developments in EV production are proceeding well at the Gujarat facility in western India and the company aims to start selling its first model in 2024-25.

“By 2030-31 we expect to have six EV models. These models are expected to comprise 15-20% of our total sales by that time,” according to Bhargava. In July, the company announced that it is buying a plant in Gujarat from its Japanese parent, Suzuki Motor Corp., and reported that its quarterly profit met the consensus of analysts’ estimates as semiconductor supplies eased.

“Semiconductor shortages still impacted production but to a lesser extent. I expect that during the current year, there will be further improvements, though normalcy in supplies will still not be achieved,” Bhargava said. The company, with the active support of Suzuki Japan, has been working to strengthen its portfolio of products to meet the changing market situation, according to the chairman.