Tuesday, October 13, 2009

Indian car exports surge 36 pc in first half of 2009-10

Car exports from India in the first half of this fiscal jumped by 35.73 per cent as major manufacturers like Hyundai Motor India and Maruti Suzuki cashed in on scrappage incentive provided in Europe, despite other segments of the auto industry witnessing decline.

According to Society of Indian Automobile Manufacturers Association (SIAM), car exports during April-September stood at 2,10,088 units as against 1,54,783 units in the year-ago period.

The European Union (EU) nations had incentivised buying of new cars in exchange of the old ones under a scrappage programme in May that will run till February 2010.

The growth in exports were largely driven by the country's largest car maker Maruti Suzuki India as its overseas shipments rose over two-fold during April-September to 65,752 units from 29,699 units in the year-ago period, SIAM said.

Hyundai Motor India, the country's largest car exporter Hyundai reported 16.02 per cent jump in exports at 1,39,971 units against 1,20,648 units in the same period last year.

Is Automobiles the new sunshine industry for India?

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