India's passenger vehicle exports declined for the first time in seven years in 2017-18 with a dip of 1.51 percent as major exporters focus on domestic market, while lingering impact of GST refund also affected overseas shipments. According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) exports in 2017-18 were at 7,47,287 units as against 7,58,727 units in the previous year.
Also Read: Toyota Yaris Sedan First Drive - Detailed Image Gallery
"This is the first decline in exports of passenger vehicles since 2010-11 when it declined 0.41 percent," SIAM Deputy Director General Sugato Sen said. Explaining the reasons behind the fall, he said some major exporters of PVs have prioritised the domestic market over exports and are focussing here. Moreover, the exporters are struggling with the GST refund issue and the auto industry has a total of around Rs 1,000 crore pending refund, he added.
In 2017-18, Hyundai Motor India, which used to be the number one exporter of PVs, posted a decline of 7.39 percent in overseas shipments at 1,53,942 units. Likewise, another major exporter Nissan Motors India posted 38.03 percent decline in exports at 67,829 units. Honda Cars India also saw its exports decline by 3.21 percent at 5,611 units.
Also Read: Ford EcoSport with Sunroof and 6-Speed Manual Gearbox Spotted at Dealership
Tata Motors also posted a decline of 40.94 percent in exports at 2,587 units during the year. Maruti Suzuki India, however, had a marginal increase of 1.53 percent in exports at 1,23,903 units. On the other hand, Ford India was the biggest exporter of PVs, posting a growth of 14.31 percent at 181,148 units in 2017-18. General Motors India, which has stopped selling cars here, posted a growth of 17.54 percent in exports at 83,140 units. Volkswagen India also saw exports grow by 4.06 percent at 90,382 units.
According to SIAM, two-wheeler exports in 2017-18 were up 20.29 percent at 28,15,016 units as against 23,40,277 units in the previous financial year.
Also Watch: Karlmann King - World's Most Expensive SUV First Look | Cars18
Comments
0 comment