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Maruti Suzuki India Ltd. is planning to invest 450 billion rupees ($5.4 billion) to double its annual production capacity to 4 million vehicles by 2031.

India’s biggest car manufacturer is expecting its revenue will double following the output ramp up, Chairman R.C. Bhargava said at the company’s annual general meeting Tuesday. Maruti is building a factory in the northern Indian state of Haryana to produce 1 million cars a year and selecting a second site for another plant, Bhargava said in a report published earlier this month.

Many shareholders voiced concerns about Maruti being a latecomer to the electric car market, as it has no battery-powered models for sale. The company is working to change that, Bhargava said.

While Maruti is “behind in launching EVs, it doesn’t damage our ability to acquire adequate market share,” he said.

Maruti’s first electric car will debut in 2024-25 and it intends to have a lineup of six EV models by 2030-31. The EVs will be manufactured at the Gujarat facility, which Maruti is buying from its Japanese parent, Suzuki Motor Corp. The deal will lead to Suzuki’s stake in Maruti increasing to 58.28% from the current 56.48%.

The carmaker also will focus on bolstering its position in the SUV market to boost earnings, he said. It reported a profit for the quarter ended June 30, in line with the average analyst forecast.

Maruti’s board will discuss the shareholders’ demand for a stock split, Bhargava said.