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Auto Exports
Automobile exports from India declined 5.5 per cent in FY24 due to the monetary crisis in various overseas markets, according to the latest data shared by industry body SIAM. Overall exports stood at 45,00,492 units in the last fiscal compared to 47,61,299 units in FY23. Commenting on the drop in overseas shipments last fiscal, SIAM President Vinod Aggarwal said the situation remains volatile in various overseas markets. "Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues," he noted. The last fiscal saw a sizeable drop in commercial vehicle, two-wheeler and three-wheeler shipments, although passenger vehicles grew marginally. However, in the January-March quarter this year, we have seen good recovery, especially for two-wheelers, indicating better potential for the rest of the year, he said. "We are very hopeful that going forward, the situation will improve," Aggarwal added. In the ..
Automobile shipments from India declined 21 per cent last year as many overseas markets continued to face monetary and geopolitical crises, as per the latest SIAM data. Overall exports stood at 42,85,809 units last year compared to 52,04,966 units in 2022. Passenger vehicle shipments rose 5 per cent to 6,77,956 units last year from 6,44,842 units in 2022. However, other segments like commercial vehicles, two-wheelers and three-wheelers saw a decline in exports last year. Two-wheeler exports slipped 20 per cent to 32,43,673 units last year from 40,53,254 units in 2022. Similarly, commercial vehicle shipments declined to 68,473 units last year from 88,305 units. Three-wheeler exports declined 30 per cent to 2,91,919 units last year from 4,17,178 units. Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon told PTI that in 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region. "
Pune-based Bajaj Auto said that it recorded a 26 per cent jump in two-wheeler (2Ws) domestic sales (Y-o-Y) in December at 158,370 units
Automobile exports from India declined 28 per cent in the April-June period this year hit by monetary crisis in Africa and various other developing countries, according to the latest data shared by industry body SIAM. Overall exports stood at 10,32,449 units in the first quarter ended on June 30, 2023 as compared with 14,25,967 units in the same period of last year. "All vehicle segments have seen a drop in exports in the first quarter, as there has been a devaluation of currencies in many destinations of exports, especially in Africa and other developing countries," Society of Indian Automobile Manufacturers (SIAM) DG Rajesh Menon told PTI. These countries have been facing challenges of availability of foreign exchange, which is limiting the sales for vehicles and countries are focusing more on imports of essential items, though the demand for vehicles from consumers exists in these markets, he added. Total passenger vehicle shipments stood at 1,52,156 units in the June quarter, d
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The country's largest carmaker Maruti Suzuki India (MSI) on Saturday said it has achieved the milestone of 20 lakh cumulative exports. The auto major achieved the milestone as a batch of products comprising S-Presso, Swift and Vitara Brezza left for South Africa from the Mundra Port in Gujarat. "The company has been exporting vehicles for past 34 years much before India became a prominent player in the global automobile business.This early global exposure helped the company enhance its quality and attain global benchmarks," MSI MD and CEO Kenichi Ayukawa said in a statement. The automaker currently exports 14 models comprising nearly 150 variants, to over 100 countries, he noted. "Vehicles manufactured at our facilities in India have found high acceptance owing to global standards of quality, safety, design and technology," Ayukawa said. Going forward, the company has aligned itself with the evolving needs of customers in African and Latin American nations, he noted. "With a flur
Exports and a focus on domestic market offer major potential opportunity areas for Indian auto industry but the sector needs a road map for localisation, according to a report by consultancy firm EY
Top official at various auto component firms said exports, which anyways have been intrinsic to the overall strategy, will increase at a rapid pace over the next two to five years
Profits of Bharat Forge, Bajaj Auto and Balkrishna Industries will also be hit
A Performance Linked Incentive (PLI) scheme for export promotion is needed to generate demand, said Kenichi Ayukawa, MD & CEO, Maruti Suzuki India and SIAM President.
The policy is expected to encourage customers to go in for new purchases which will be backed-up by government incentives in lieu of their old vehicles
In April-May period of the ongoing financial year, the exports dropped by 83 per cent to $281.1 million from $1,632.7 million in the year ago period, it said
Tata Motors surged over 19 per cent, while Bharat Forge and Motherson Sumi gained over 9 per cent each
Hero's domestic sales dropped by 20 per cent to 480,196 in February 2020 from 600,616 a year ago. Exports rose to 18,046 units from 16,599 units during the same period
Industry representatives have said the situation is unlikely to improve soon as India's economic activity is yet to pick up due to less business activity and consumer spending
The company had sold 56,005 units in the same month last year, M&M said in a statement
Exports in the passenger vehicles (PV) segment grew 6% y-o-y, bolstered by higher despatches to Gulf countries, Latin America and South Africa
Two-wheeler exports rise 4% in April-Sep; Bajaj Auto leads the pack