India’s Automobile Exports Surge in Q1 FY24

Automobile exports from India increased by 15.5% year-on-year in the June quarter, driven by growth across most verticals except for three-wheelers. SIAM data reveals a total of 11,92,577 units were shipped, with a significant rise in the export figures of passenger vehicles and two-wheelers.

Auto exports from India surged by 15.5% year-on-year in the June quarter, the latest data from SIAM reveals. This growth was observed across most segments, excluding three-wheelers.

Total shipments reached 11,92,577 units, compared to 10,32,449 units in the same period last year. Passenger vehicle exports soared to 1,80,483 units, a 19% increase. Maruti Suzuki India led the market with 69,962 units, followed by Hyundai Motor India with 42,600 units.

Two-wheeler exports rose 17% to reach 9,23,148 units. However, three-wheeler shipments declined by 3%, with 71,281 units exported. SIAM President Vinod Aggarwal praised the positive trend, emphasizing the recovery of the commercial vehicle segment. Notably, auto exports had declined by 5.5% in FY24 due to overseas monetary crises, with total exports at 45,00,492 units.

(With inputs from agencies.)