Car Exports grew 5.2% in FY 2015-16

NEW DELHI: The domestic market has not been too friendly for automobile manufacturers in India, but some of them found exports as a way to sustain this competitive and sluggish economic scenario.

The automotive industry in India, one of the largest in the world, produced 23.37 million vehicles including passenger, commercial, three wheelers and two wheelers in the fiscal year 2014-15. The Country is also a major exporter of automobiles. Automobile exports increased by 15% in the fiscal year 2014-15, over the previous year.

In the last fiscal year 2015-16, India’s exports of passenger vehicles grew to 6.54 lakh units, an increase of 5.2%. During the FY 2015-16, Indian units of four prominent manufacturers of passenger vehicles shipped more cars and utility vehicles, compared to what they sold in the domestic market. Exports, specifically from companies such as Ford Motor, General Motors, Nissan Motor, Volkswagen, have helped them better use their capacity and obtain gains even if sales in local market remained sluggish.

Source: Dailyshippingtimes.com