India Auto manufacturers says exports of passenger vehicles, 2 wheelers rose by 20%

Anjali Sharma

GG News Bureau
NEW YORK, 15th May. The data released by the Society of Indian Automobile Manufacturers said on Tuesday that the exports of passenger vehicles and two-wheelers have increased by over 20% year-on-year in April,

The report said that in the financial year 2023-24, the two-wheeler exports declined by 5.3% Y-o-Y to 3.458 million units.

Passenger vehicle exports saw a modest increase of 1.5% Y-o-Y, reaching 672,000 units and it has shown a rebound in export markets.

In April 2 wheeler exports surged by 24.3% Y-o-Y to 320,877 units and the passenger vehicle exports increased by 21.1 per cent Y-o-Y, totaling 49,563 units.

SIAM had said that the exports of two wheelers, three wheelers, and commercial vehicles will fall in 2023-24 owing to the Russia-Ukraine and Israel-Gaza conflicts, a slowdown in the global economy, and foreign exchange crises in key markets.

The overall automobile exports from India for fiscal year 2024 reported a 5.5% decline in FY24 to 4,500,492 units from the previous year’s 4,761,299.

Indian automobile industry’s export performance offered a mixed picture, with passenger vehicles showed a modest increase while other vehicle segments, such as commercial, two-wheelers, and three-wheelers, faced declines.

The rise in passenger vehicle exports was led by Maruti Suzuki with a shipment of 2,80 712 units, a 10% increase from the previous year.

Hyundai Motor India played a significant role, exported 1,63,155 units, a 7% increase compared to last year’s 1,53,019 units.