NEW DELHI: Passenger vehicle exports from India grew 15.38 per cent in the first half of the ongoing fiscal with US auto majors Ford and General Motors emerging as surprise packages leading the charge, while their Korean and Japanese peers struggled to maintain momentum.
According to SIAM data, passenger vehicles exports in the April-September period were at 3,67,110 units as against 3,18,188 units in the year-ago period.
In terms of absolute volume, Hyundai Motor India remained the largest exporter with 87,499 units at a growth of 2.01 per cent.
The second largest exporter during the period was Ford India shipping 73,821 units, a growth of 32.25 per cent. Interestingly, the company's exports were much more than what it sold in the domestic market -- 46,422 units.
Maruti Suzuki IndiaBSE -1.43 % saw a decline of 7.87 per cent in its overseas shipments during the first six months of 2016-17 at 60,526 units, occupying the third slot.
The fourth largest exporter Nissan Motor India also witnessed a decline of 7.81 per cent at 49,611 units during the period.
The most significant gainer was General Motors India which clocked a massive 863.74 per cent jump in its passenger vehicle exports at 30,647 units during the period. In comparison, the company sold just 12,059 units in the domestic market, down 28.01 per cent.
According to SIAM, German auto major Volkswagen also exported more passenger vehicles from India than it sold in the country during the first half of the fiscal.
Volkswagen India exported 43,114 units in April- September, up 19.28 per cent. It sold only 23,329 units in the domestic market during the same period, up 0.45 per cent.
"Some of the OEMs are working on a clear, focussed strategy of exporting from India, which has worked out really well for them," Price Waterhouse Partner and auto expert Abdul Majeed told PTI.
He further said these companies are targetting markets in emerging economies such as Latin America, East Europe and Africa, which are similar to India with the products here.
"They have made those investments for exports and they already have big network in those export markets," Majeed said.
Concurring with him, Ford India Executive Director, Marketing, Sales, and Service Anurag Mehrotra said: "The most recent commencement of exports of Ford Figo as KA+ to Europe, from our state-of-the-art Sanand plant, showcases our continued investment and commitment."
Sources :economictimes.indiatimes.com
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