Suzuki's son took over in 2015, quit China in 2018, and India made it a record earner

On June 30, 2015, 85-year-old Osamu Suzuki, who had led Japan's fourth-biggest automaker for nearly four decades, handed the presidency to his eldest son Toshihiro, staying on as chairman and CEO. The move was meant to settle succession questions the market had been asking for years.

The son inherited a test: in May 2016 Suzuki admitted using improper fuel-economy testing on 2.1 million vehicles in Japan, and shares fell 9.4% in a day. A year later Toshihiro made the defining call — in September 2018 Suzuki sold out of its 25-year-old Chinese venture, following its 2012 US exit, to concentrate on India where it already dominated small cars.

India paid off. Toshihiro set a target of 5 million vehicles a year there by 2030 with 30 models, and Maruti Suzuki crossed 2 million annual sales for the first time in FY2024, with net profit up 64% to ₹13,209 crore on sales of more than $16 billion.

Maruti Suzuki crossed 2 million annual sales for the first time in FY2024, with net profit up 64% to ₹13,209 crore on $16B revenue, anchoring Suzuki's record earnings.

The 2016 testing scandal forced the new president to prove discipline early.

Exiting China cut losses in a market where Suzuki's small cars no longer fit.

India was a market Suzuki could lead rather than chase, with a dominant share.

Concentrating resources on one market turned a niche maker into a record earner.

A family handover is not the decision that matters — the next leader's choice of where to compete is. Toshihiro quit a shrinking market to double down on the one Suzuki could own.

The India bet kept compounding: Maruti Suzuki's FY2024 records became Suzuki group records, and the company that had left the world's two biggest car markets became a top global earner on compact cars alone. Osamu died in December 2024 at 94, having seen his son's bet become the group's engine.