Indian Economy News

Passenger vehicle, 2W exports rose by over 20% in April: SIAM monthly data

According to data released by the Society of Indian Automobile Manufacturers, exports of passenger vehicles and two-wheelers surged by over 20% year-on-year in April. In FY24, two-wheeler exports declined by 5.3% year-on-year to 3.458 million units. Passenger vehicle exports saw a modest 1.5% increase, reaching 672,000 units. However, recent months have witnessed a rebound in export markets, with April recording a 24.3% increase in two-wheeler exports and a 21.1% increase in passenger vehicle exports.

During an investor conference call, Hero MotoCorp's CEO, Mr. Niranjan Gupta, highlighted a "comeback" in exports in the fourth quarter of FY24, mentioning distributor changes in markets like Nepal and Nigeria. Similarly, the head of corporate affairs at Maruti Suzuki, Mr. Rahul Bharti, noted a substantial rise in exports to approximately 283,000 units in FY24, compared to 100,000 units annually four years ago. He expressed aspirations to further expand exports to around 300,000 units in the coming year, emphasizing diversification across markets and products. He also acknowledged the fluctuating profitability influenced by factors like forex rates but deemed it satisfactory at present.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.