Passenger vehicle exports from India rise 15 pc in FY23; Maruti Suzuki leads segment

New Delhi: Passenger vehicle exports from India rose 15 per cent in FY23 with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units, as per the latest data by industry body SIAM.

The total passenger vehicle (PV) exports stood at 6,62,891 units in the 2022-23 fiscal as compared to 5,77,875 units in 2021-22.

Passenger car shipments saw a 10 per cent growth at 4,13,787 units, while utility vehicle exports rose 23 per cent at 2,47,493 units during the last fiscal, the data by the Society of Indian Automobile Manufacturers (SIAM) showed.

Export of vans declined to 274 units in the September quarter as compared with 297 units in Q2 FY22.

Maruti Suzuki India (MSI) led the segment during the period, followed by Hyundai Motor India and Kia India at the second and third positions, respectively.

MSI, the country’s largest carmaker, exported 1,31,070 PVs in the period under review, as compared with 1,03,622 units in the same period of the previous fiscal year, with its top five export models comprising Baleno, Dzire, Swift, S-Presso and Brezza.

Hyundai Motor India’s foreign dispatches stood at 74,072 units Q2, up 11 per cent from 66,994 units in the year-ago period.

Similarly, Kia India exported 44,564 units across global markets in the period under review as compared with 23,213 units in the last fiscal year.

Nissan Motor India shipped 25,813 units in the period under review. Renault exported 18,614 units while Honda Cars India shipped 13,326 units in the July-September quarter.

Volkswagen India exported  9,641 units in the July-September period.

In Q2, overall automobile exports came down to 12,54,560 units from 14,10,711 units in the year ago period.

SIAM President Vinod Aggarwal said that with the US dollar gaining strength, various countries in Asia and Latin America have been forced to bring in import restrictions to safeguard foreign exchange.