India's Automobile Exports Surge by 15.5% in June Quarter

Automobile exports from India increased 15.5% year on year in the June quarter, with shipments increasing across all verticals except three-wheelers, as per SIAM data. Overall shipments in the first quarter of the current fiscal year totaled 11,92,577 units, compared to 10,32,449 units in the same period previous year.

Passenger car exports were 1,80,483 units in the first quarter, up 19% from 1,52,156 in the same period last year. Maruti Suzuki India dominated the space in shipments during the review period, with 69,962 units. It exported 62,857 units in the first quarter of fiscal 2023-24. Hyundai Motor India exported 42,600 vehicles during the April-June quarter. It shipped 35,100 units during the same period last year.

Two-wheeler exports were 9,23,148 units in the first quarter, up 17% from 7,91,316 in the previous year. Commercial vehicle shipments increased 8% year on year to 15,741 units in the first quarter, compared to 14,625 units the previous year. However, three-wheeler shipments decreased by 3% year over year to 71,281 units in the April–June quarter of this year from 73,360 units in the corresponding period last year.

The fact that exports have begun to perform well is encouraging for the sector, according to SIAM President Vinod Aggarwal.

"I think that's a very good sign that exports seem to have bottomed out, especially in the commercial vehicle segment... we have started seeing the growth from the first quarter this year," he noted.