New Delhi, Sept. 11: Car exports jumped 63 per cent in August, helped by an over 20 per cent fall in the rupee and efforts to explore markets such as Africa and Latin America.
“The growth in exports has been accelerated by the slide in the rupee over the past few months,” said Sugato Sen, deputy director-general of the Society of Indian Automobile Manufacturers (Siam). Efforts to expand the non-European markets following the economic slowdown in Europe have started to bear fruit, he said.
Leading auto companies, including Hero MotoCorp, Tata Motors, Bajaj, Mahindra & Mahindra, Hindustan Motors and Maruti Suzuki India have either set up supply chains and manufacturing units or are in the process of doing so in Africa and South America.
Siam data show that the export of passenger cars, which include not only cars but also utility vehicles and vans, stood at 59,903 in August against 36,749 in the same period last year.
Exports during April-August rose 8.3 per cent to 2,38,419 units compared with 2,20,088 units a year ago. Analysts said the demand for small cars was the highest.
Maruti Suzuki India sold 87,323 units in August. Of this, exports stood at 11,305 units against 4,025 units last year.
Hyundai Motor India, which posted an overall growth of 11.58 per cent in August, is the country’s largest passenger car exporter. The company exported around 24,008 units against 18,629 units in August 2012.
Analysts said both Maruti and Hyundai specialised in and exported small cars. Emerging economies, with price point preferences similar to India, contributed to the surge in sales.