Suzuki Motor on Thursday announced a target to achieve an operating profit of ¥800 billion ($5.32 billion) in fiscal 2030, up from ¥465.5 billion in fiscal 2023.

In its new medium-term business plan, the automaker also included a goal to increase its sales to ¥8 trillion in the fiscal year beginning April 2030 from ¥5,374.2 billion in fiscal 2023.

Suzuki will spend ¥4 trillion on research and development and capital investment over the six years to fiscal 2030 covered by the business plan.

It aims to boost its global vehicle sales to 4.2 million units in fiscal 2030 from 3.16 million units in fiscal 2023 by expanding the lineup of electric vehicles for the Japanese market and strengthening its production system in India.

The automaker set a target of raising its operating profit margin to 10% from 8.7%.

In India, which is positioned as the most important market for Suzuki, the company aims to increase its share of vehicle sales to 50%. It aims to strengthen the role of its plants in India as an export base for the world and build a production system of 4 million units per year in the country.

Also under the business plan, the automaker aims to sell 2.54 million motorcycles worldwide, up from 1.91 million units, hoping to strengthen sales in North America and Europe.

President Toshihiro Suzuki said in a press conference, "We aim to increase the value of Suzuki Motor products so that they will continue to be chosen (by customers)."