Export of passenger vehicles grow by 7.79%, two-wheelers by 22% in CY24: Data
Currently, India exports around 14.6% of the PVs produced here and 16.34% of two- wheelers manufactured between January and November.
Currently, India exports around 14.6% of the PVs produced here and 16.34% of two- wheelers manufactured between January and November.
As per the data released by the Society of Indian Automobile Manufacturers (SIAM), this follows a 2.5 pc decline in July 2024, marking a slowdown after the segment grew by 3% in the first quarter (April-June) of FY24.
Speaking at the 64th annual Automotive Component Manufacturers Association (ACMA) session, the President said the auto sector also contributes significantly to the direct and indirect employment generation in the country.
Union Minister of Road Transport & Highways Nitin Gadkari said several commercial and passenger vehicle manufacturers will offer discounts for buying new vehicles against the scrapping of older vehicles with a valid Certificate of Deposit.
The export of cars from India registered 18.6 per cent year-on-year (Y-o-Y) growth amid strong demand in key markets.
Three-wheeler sales also remained in slow lane last month with a massive 75.29 per cent dip in offtakes.
The sale of passenger cars fell 58 per cent year-on-year in June to 55,497 vehicles.
A report suggests that the delay is primarily caused by the manual inspection of import consignments.
Vehicle sales across categories stood at 16,46,332 units last month as against 20,34,597 units in February 2019, SIAM data showed.
Indian automakers import about 10 per cent of their raw materials from the virus-affected nation.
