Indian Economy News

Utility vehicle exports up 50% in May, and two-wheeler exports rise 20%: Siam

  • IBEF
  • June 12, 2024

Utility vehicle (UV) exports surged by 50.5% in May, with domestic wholesales and production increasing by 17.6% and 26.9%, respectively, according to the Society of Indian Automobile Manufacturers (SIAM). India exported 24,490 UVs in May, up from 16,274 units last year. Domestic UV sales reached 182,883 units, and production hit 213,462 units. Key contributors to this growth include Hyundai Motor India Ltd (HMIL), Honda Cars India, and Volkswagen India. Hyundai exported 14,400 passenger vehicles (PVs) in May, a 31% increase from last year. Honda Cars' exports soared to 6,521 units from 587 units in May 2023. Volkswagen India's PV export volumes rose to 5,839 units from 3,222 units last year. Skoda Auto Volkswagen India (SAVWIPL) announced it has manufactured over 1.5 million vehicles at its Chakan facility since 2009, exporting over 30% of its production to 40 global markets.

Two-wheeler exports grew by 20% in May, reaching 312,418 units. Scooter exports increased by 25% to 50,844 units, while motorcycle exports rose by 19.2% to 261,310 units. Honda Motorcycle and Scooters India (HMSI) saw exports grow to 41,458 units from 18,249 units last year. TVS Motor's exports increased to 88,450 units from 66,605 units, and Bajaj Auto's exports grew to 117,142 units from 112,885 units. Bajaj Auto Executive Director Mr. Rakesh Sharma noted that key markets like Nigeria, Kenya, and Bangladesh have recovered. While UV exports rose, passenger car exports fell by 19.6%, with sales decreasing by 11.1% and production down by 13% in May. Overall, domestic PV wholesale was up 4.2% in May, but retail sales declined by 1%. Companies such as Toyota Kirloskar Motors, Maruti Suzuki India, Volkswagen India, and Mahindra and Mahindra saw significant production increases. However, HMIL's production slightly decreased due to a one-week maintenance shutdown.

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