Automobile exports from India surge by 15.5% in Q1

SIAM auto data: Automobile exports from India experienced a significant increase of 15.5 percent year-on-year in the June quarter, as reported by the latest SIAM data. This growth was observed across all segments except for three-wheelers.

In the first quarter of the current fiscal year, total shipments reached 1,192,577 units, up from 1,032,449 units during the same period in the previous fiscal year. Notably, passenger vehicle exports rose to 180,483 units, marking a 19 percent increase compared to 152,156 units in the same quarter last year.

The passenger vehicle (PV) wholesales in India experienced a 3 per cent year-on-year growth, reaching 3,37,757 units in June, according to the Society of Indian Automobile Manufacturers (SIAM) on Friday. This marks an increase from the 3,27,788 units dispatched from companies to dealers in June 2023. However, although it is a positive trend of sales witnessed in June, the increase in sales seeing a growth of just 3 per cent is largely due to the heat wave and the election period when prospective car buyers stayed away from showrooms for making purchases. 

Additionally, SIAM reported a significant rise in two-wheeler wholesales, which surged by 21 percent to 16,14,154 units in June 2024, compared to 13,30,826 units in the same month last year.

(With PTI inputs)