NEW DELHI, Oct 14 Asia Pulse – Indian car exports in the first half of this fiscal year jumped by 35.73 per cent as major makers like Hyundai Motor and Maruti Suzuki cashed in on Europe giving incentives on buying new cars in exchange for old ones. This is despite other segments of the auto industry witnessing a dip.
According to the Society of Indian Automobile Manufacturers Association (SIAM), car exports during April-September stood at 210,088 units against 154,783 units in the year-ago period.
The European Union (EU) nations had incentivised buying of new cars in exchange for the old ones under a scrappage programme in May that will run till February 2010.
The growth in exports was 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, reported a 16.02 percent jump in exports at 139,971 units against 120,648 units in the same period last year.
There is, however, a question mark on whether car exports can sustain the momentum it witnessed in the first half of the fiscal as the scrappage scheme is subject to the condi