Date: 16/04/2024

Some vehicle exports dip in FY24

Owing to the Russia-Ukraine and Israel-Gaza conflicts, a slowdown in the global economy, and foreign exchange crises in key markets, exports of two-wheelers, three-wheelers and commercial vehicles (CVs) have seen a fall in 2023-24, according to the Society of Indian Automobile Manufacturers (SIAM). India exported 3.458 million units of two-wheelers in 2023-24, a fall of 5.3% Y-o-Y. Exports of three-wheelers stood at 300,000 units, an 18% Y-o-Y fall. Meanwhile, passenger vehicle sales in India touched a record high of 4.2 million units in 2023-24, registering a Y-o-Y growth of 8.4% on the back of robust demand for utility vehicles. PV sales growth in 2024-25 could be in the higher single digits, said a report.
Source: Exim News Service: New Delhi, April 15