Automobile Export from India Increases More than 15 Percent

In the last few years, the manufacturing and export of automobiles in the country has grown rapidly. In the first quarter of the current financial year, the export of automobiles has increased by 15.5 percent on a year-on-year basis. In the first quarter, this export was of 11,92,577 units. In the same period of the previous financial year, it was of 10,32,449 units.

According to data from the Society of Indian Automobile Manufacturers (SIAM), the share of passenger vehicles in this export was up by nearly 19 percent to 1,80,483 units. Maruti Suzuki, the country’s largest carmaker, has exported the most with 69,962 units in the first quarter. Hyundai, which is in second place, has shipped about 42,600 units abroad.

Apart from passenger vehicles, exports of two-wheelers also grew by 17 percent in the first quarter. Shipments of 9,23,148 units of two-wheelers were made in the last quarter. In view of the increase in exports of the automobile sector, SIAM believes that a recovery trend is visible in this sector. SIAM President, Vinod Aggarwal said that this is a good sign for the industry. Due to the crisis in some foreign markets, automobile exports from the country had declined by more than five percent in the last financial year.

Sales of South Korea’s Hyundai are increasing in the country. The company has planned to raise about $3.5 billion through an initial public offering (IPO). This could be the biggest IPO in the country. The company’s shares may be listed in September. Hyundai’s target is to raise a minimum of three billion dollars through this IPO. This figure can increase to $3.5 billion. Earlier in 2022, Life Insurance Corp raised about $2.5 billion through IPO. Hyundai submitted documents for IPO to market regulator SEBI last month. The company had said that 17.5 percent stake would be sold in it. Hyundai has also prepared to increase the range of electric vehicles (EV). Preparations are being made to launch an electric version of the company’s SUV Creta, which sells in large numbers. The company plans to launch four EVs.