BLITZ BUREAU
NEW DELHL: The export of cars from India increased to 180,483 units in the first quarter of 2023-24, recording 18.6 per cent year-on-year (Y-o-Y) growth amid strong demand in key markets, according to data released by Society of Indian Automobile Manufacturers (SIAM) on July 12.
The domestic sales of cars remained flat at 1.026 million units, recording a growth of just three per cent Y-o-Y. (Monthly figure does not include data for Tata Motors)
About low growth in domestic sales, Vinod Aggarwal, president of SIAM, said: “We should not read too much into this monthly data. It is a moderate growth. Let us see what happens in the balance part of the year. With a positive outlook for monsoon and the upcoming festive season, the expectation is for good growth,” he added.
One reason for the continuing drop in overall domestic sales is low demand for smaller cars. The domestic sales of smaller cars – sedans and hatchbacks included – dropped by 17.5 per cent Y-o-Y to 341,293 units in June, according to the data.
On dealers’ complaints in the last few weeks about high levels of stocks with them, Aggarwal said it is not a cause of worry. “I am sure there is a good equilibrium between demand and supply. We should not worry too much about stocks. Companies will take necessary corrective measures to keep a balance,” he said.
“If the dealer is healthy, the company is healthy. At the level of association, we do not get into it…Sometimes you (company) produce more, sometimes you produce less. These ups and downs keep happening. I do not think there is any concern related to that.”
