Passenger Vehicle, Two-Wheeler Exports Surge Over 20% In April: SIAM
Date
5/15/2024 2:25:14 PM
(MENAFN- KNN India) New Delhi, May 15 (KNN)
India's automobile industry witnessed a mixed trend with passenger vehicle exports for April 2024 surging by 21.1 per cent compared to the same month last year, totalling 49,563 units.
Similarly, two-wheeler exports witnessed a 24.3 per cent year-on-year jump, reaching 320,877 units, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.
While the overall exports declined by 5.5 per cent year-on-year to 4.5 million units, the passenger vehicle and two-wheeler segments showed signs of recovery in the closing month of April.
For the full financial year 2023-24, passenger vehicle exports saw a modest 1.5 per cent increase, clocking 672,000 units.
However, two-wheeler exports declined by 5.3 per cent to 3.458 million units.
The uptick in passenger vehicle exports was driven by robust performances from major automakers like Maruti Suzuki and Hyundai Motor India.
Maruti Suzuki exported 280,712 units, up 10 per cent from the previous year, while Hyundai shipped 163,155 units, a 7 per cent increase.
SIAM had earlier cautioned that exports might face headwinds in 2023-24 due to factors such as the Russia-Ukraine conflict, global economic slowdown, and foreign exchange crises in key markets.
Despite the challenges, the recent rebound in passenger vehicle and two-wheeler exports in April has provided a positive signal for the Indian automobile industry's export prospects.
(KNN Bureau)
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