India's passenger vehicle exports rise despite overall auto export decline
The Society of Indian Automobile Manufacturers (SIAM) has reported a 5.5 per cent decrease in automobile exports from India for fiscal year 2024. The total number of exported units fell to 4,500,492 from the previous year's figure of 4,761,299. Overall, the Indian automobile industry's export performance offered a mixed picture, with passenger vehicles showing a modest increase while other vehicle segments, such as commercial, two-wheelers, and three-wheelers, faced declines.
Despite the overall decline in automobile exports, passenger vehicle exports saw a slight increase of 1.4 per cent, rising to 6,72,105 units in FY24 from 662,703 units in the previous fiscal year. Maruti Suzuki led this growth with a shipment of 2,80,712 units, a 10 per cent increase from the previous year. Hyundai Motor India also played a significant role, exporting 1,63,155 units, a seven per cent increase compared to last year's 1,53,019 units.
Other major contributors included Kia Motors, Volkswagen India, Nissan Motor India, and Honda. Kia Motors saw a decline in exports, while Volkswagen India experienced significant growth, recording a 63 per cent increase year-over-year. Nissan Motor India slipped one position in rankings due to a decline in exports, while Honda Cars India moved up in the rankings thanks to a 66 per cent increase in exports.
Toyota Kirloskar Motor also experienced strong export demand, with overseas shipments of 17,383 units, up 374 per cent from the previous year's 3,668 units. This substantial increase reflects the impact of increased production capacity at its plants in Bidadi, Karnataka.
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