The country's largest carmaker, Maruti Suzuki (MS) is eyeing to clock record exports for the financial year 2023-24 (FY24) as the company aims to triple its overseas sales by the end of this decade.
Meanwhile, the company has already proven its point in the first half of the fiscal year, during which it shipped more cars than Hyundai Motor India and Kia India combined.
According to the latest data from the industry body Society of Indian Automobile Manufacturers (SIAM), the overall Passenger Vehicle (PV) exports stood at 336,754 units in the first half of the current fiscal, registering a growth of 5.07% y-o-y over 320,506 units shipped in the year-ago period.
Maruti's exports remained flat at 131,546 units in H1 FY24, while Hyundai and Kia cumulatively exported 125,352 units in H1 FY24. Maruti shipped 131,070 units in the same period last year.
Maruti was also the leading PV exports in FY23 and FY22 at 259,333 units and 238,376 units, respectively. Other than having a strong export portfolio, the handsome numbers were achieved with support from the parent firm, Suzuki Motor Corporation, which enabled Maruti to leverage a wider distribution network across the globe.
As per an India Today report, Hyundai's exports increased 16.24% y-o-y at 86,105 units in H1 FY24 from 74,072 units in the year-ago period. The Indian arm of the South Korean auto giant forms a critical part of Hyundai Motor Corporation's global export hub with shipments spanning 88 countries across Africa, the Middle East, Latin America, Australia and Asia-Pacific.
Kia's exports fell 11.93% y-o-y at 39,247 units in H1 FY24 from 44,564 units in H1 FY23. The carmaker exports models like the Seltos, Sonet and Carens to markets like the Middle East, Africa, Central and South America, Mexico and Asia-Pacific, India Today reported.