India Auto tracker
After ending FY23 on a high note, the Indian automobile industry experienced a somewhat muted growth during the second quarter of FY24. Inflationary trends, high interest rates, global macroeconomic uncertainties and geopolitical uncertainties have started to impact the automobile industry, especially the budget and entry level products in the two – wheeler and four – wheeler segments. Nevertheless, the commercial vehicle witnessed a strong growth during the period on the back of increased activity in manufacturing and infrastructure sectors.
According to the latest figures from the industry organization, Society of Indian Automobile Manufacturers (SIAM), production in Q2 FY24 grew by just 0.7% to over 74 lakh units, up by 50.6 thousand units from Q2 FY23 and Domestic sales increased by 63.4 thousand units during the same period. Whereas the vehicle exports during the period declined by 6.0% to 11.8 lakh units, down from 12.5 lakh units in Q2 FY23.
