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Automatic export: According to data from the Society of Indian Automobile Manufacturers (SIAM), the country’s car exports declined by 21% in 2023 on the back of financial and geopolitical crises in overseas markets.
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The total export volume last year was 4,285,809 vehicles, and the export volume in 2022 was 5,204,966 vehicles.
Exports of passenger vehicles (PV) increased by 5% to 677,956 units last year from 644,842 units in 2022.
Other sectors such as commercial vehicles (CVs), two-wheelers and three-wheelers saw a decline in exports last year.
Exports of motorcycles decreased by 20% from 4,053,254 units in 2022 to 3,243,673 units in the previous year.
Similarly, commercial vehicle shipments decreased to 68,473 units from 88,305 units last year.
The number of three-wheeled vehicles exported decreased by 30% from last year’s 417,178 units to 291,919 units.
Citing media reports, SIAM Director General Rajesh Menon said solar power exports increased in 2023 due to vehicle launches and pent-up demand in markets such as South Africa and the Gulf region.
“This increase can also be attributed to smoother supply chains compared to the previous year, which saw supply-side disruptions, including in semiconductors,” he said.
“However, areas where two-wheelers and three-wheelers are sold continue to face the challenge of difficult access to foreign currency, which is constraining demand,” he added.
Company-specific exports
In the April-December period of this fiscal year, Maruti Suzuki India was the top exporter in the passenger car sector, with sales of 202,786 units increasing by 6% from 192,071 units in the same period last year.
Hyundai Motor India shipped 1,29,755 units in the third quarter of the current fiscal, compared to 1,19,099 units shipped in the same period last year.
Meanwhile, in the April-December period of this fiscal year, Volkswagen exported 33,872 units and Nissan 31,678 units.