Rising worldwide inflation and continued dollar appreciation have kept overall exports down and in four wheelers, only the passenger vehicle and commercial vehicle segment saw growth, while the two and three wheelers in the first quarter of FY2023. There has been a year-on-year decline.
With overseas shipments of 320,853 units, the passenger vehicle industry has registered a 13% year-on-year growth, which augurs well for the ever-increasing dollar trend. This number could have been higher if the companies had been able to reduce the estimated backlog of over 750,000 units in the domestic market.
maruti suzuki’s dominance
At the end of September 2022, Maruti Suzuki India, the leader of the passenger vehicle market, has tightened its grip in terms of exports. The company has exported a total of 131,070 units of PV in FY 2022, surpassing Hyundai Motor India’s shipments of 235,670 units. This includes 97,552 cars, 33,330 utility vehicles and 188 eco vans. Baleno, Jimny and Brezza in UV exports have been the biggest gainers in cars.
Hyundai exported the highest number of Verna cars
On the other hand, Hyundai Motor India exported a total of 74,072 units and registered a growth of 11%, exporting 53,843 cars and 20,229 utility vehicles. While the trio of Aura, i10 and i20 exported 34,162 units (up 8%), Verna was the strongest export with 19,681 units (up 30%) accounting for 27% of the total Hyundai exports.
However, the export numbers of Creta and Venue declined. Creta with 13,728 units saw a decline of 13% and Venue with 2,510 units saw a decline of 43%. The export count of the premium Alcazar SUV stood at 3,991 units.
Kia has doubled exports
Kia secured the third position with 44,564 units (up 101%). Kia’s longest selling mid-size Seltos SUV in India was its most popular export model with 24,541 units (up 73%), followed by the Sonnet compact SUV with 16,414 units (up 81%). Kia also exported 3,609 units of Cairns MPV.
Nissan Motor India gains 39%
Nissan Motor India exported a total of 25,813 units in the first half of FY2023, a growth of 39%. Of this, the Sunny Sedan continues to be the best-selling model with 22,961 units (up 72%) or 89% of the total exports. The company also exported 2,852 units of Magnite SUVs (decline 29%).
Renault Motor India gains 19%
Renault Motor India ranked fifth in the export rankings with 14,733 units and 19% year-on-year growth. The demand for its Chiger/Triber SUV grew by 34% year-on-year to 9,314 units, while the Kwid hatchback saw modest sales (0.18%) with 5,419 units.
The US dollar continues to strengthen against local currencies. Due to which the exports of the vehicle segment will remain under pressure. This means that many countries in Asia and Latin America, which are major markets for Indian-made vehicles, will be forced to impose restrictions on foreign exchange to prevent or reduce outflow.