Passenger Vehicle, Two-Wheeler Exports Jump Over 20 Per Cent In April: SIAM

However, the data found that in the 2023-24 fiscal year (FY24), two-wheeler exports slumped 5.3 per cent on a YoY basis to touch 3.458 million units

Recent reports though show a recovery in the export markets

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Passenger vehicles and two-wheeler exports surged in April, recent data released by the Society of Indian Automobile Manufacturers said. The data, revealed by the SIAM on Tuesday, found that exports of passenger vehicles and two-wheelers increased by over 20 per cent in April 2024 on a year-on-year (YoY) basis.

The exact two-wheeler exports in April stood at 320,877 units, jumping 24.3 per cent against the corresponding month a year earlier. Meanwhile, passenger vehicle exports hit 49,563 units in the month, registering a gain of 21.1 per cent against the exports logged in the same period last year, reported Business Standard.

However, the data found that in the 2023-24 fiscal year (FY24), two-wheeler exports slumped 5.3 per cent to touch 3.458 million units, against the same period a year earlier. The passenger vehicle exports, however, inched higher by 1.5 per cent in the fiscal and hit 672,000 units on a YoY basis. Recent reports though show a recovery in the export markets.

Addressing an investor conference call last week, Niranjan Gupta, CEO, Hero MotoCorp, noted that exports in the last quarter of FY24 made a ‘comeback’. “We have changed distributors in a couple of markets, like you saw in Nepal. We expect Mexico to move up, recently there was a change in the distributor in Nigeria as well. So, all of this augurs well for 2024-25. However, I refrain from giving any guidance on next year's volume... Moving forward, the quarters and the years, our international business will be building up,” the executive said.

The report also quoted Rahul Bharti, head of corporate affairs, Maruti Suzuki, about the outlook for the firm and stated, “We wish to take it further in the future years. And next year, we should be exporting about 300,000 units, fairly diversified across markets, across products. And in terms of profitability, it changes with many parameters, mostly forex rates, etcetera. So, it's never stable. At the moment, it is perfectly fine.”