Net sales revenue of the local unit of Japanese carmaker Suzuki fell 21% to €2.25bn in 2024, with domestic revenue reaching €0.3bn, the company announced on June 12.

Last year marked the first uninterrupted production year in some time, with Suzuki reporting fully restored supply chains and stable logistics. Energy costs dropped sharply, by 62% compared to 2022,  though raw material expenses and pricing pressures still weighed on margins.

In Hungary, Suzuki had 12.9% market share as sales climbed 29.3%. Its market share in Europe edged up 0.1pp to 1.6%.

Suzuki retained its position as Hungary’s leading car brand for the 21st consecutive year.

Masato Atsumi, Magyar Suzuki's CEO, said that, in spite of difficulties, 2024 had been more predictable than earlier years, as production and sales remained stable.

In a press release, Magyar Suzuki said 111,492 cars rolled off the line in Esztergom, near the Slovakian border in 2024, down from a high base in 2023, when output reached 160,338.

Production volume had climbed in 2023 to replenish low inventories of European distributors and Hungarian dealers due to the earlier semiconductor shortage. Last year’s output "aligns with the trends of previous years and medium-term expectations," it added.

Magyar Suzuki, set up in 1991, is the only European manufacturing base of the Japanese parent company. According to 2023 figures, it was Hungary’s 12th largest company in terms of turnover. The company has been working in strategic partnership with the Hungarian government since 2012.