SUZUKI, HYUNDAI’S INDIAN CAR EXPORTS BEAT CHINA’S
Vipin V. Nair
Bloomberg, September 7, 2009
India, whose auto market is 19 percent of China’s, has the edge in exports.
Suzuki Motor Corp., Hyundai Motor Co., and Nissan Motor Co. are making India a hub for overseas sales of minicars as incentives lift demand for smaller, fuel-efficient autos. Helped by cheaper labor and a surging local market, India this year overtook China in auto exports and is challenging Thailand and South Korea as an alternative production center in Asia.
“There is a worldwide shift toward fuel-efficient, compact cars,” said Jayesh Shroff, who helps manage about $7 billion of assets including carmaker shares at SBI Asset Management Co. in Mumbai. “This offers a huge potential for India and it can emerge as a leader in the small car segment.”
Maruti Suzuki India Ltd.’s exports more than doubled to 79,860 this year. It aims to ship 130,000 vehicles in the year to March, 86 percent more than last year, said Chairman R. C. Bhargava.
The automaker rose as much as 2.5 percent to a record 1,585 rupees and changed hands at 1,564 rupees at 11:57 a.m. in Mumbai. Suzuki rose 1.9 percent to 2,160 yen in Tokyo while Hyundai rose 4.7 percent to 112,500 won in Seoul trading.
Maruti Suzuki sold a monthly record 14,847 vehicles overseas in August. India’s exports of minicars and hatchbacks gained 44 percent between January and July to 201,138, according to the Society of Indian Automobile Manufacturers. Total exports, including vans, sport-utility vehicles and trucks, rose 18 percent to 229,809. Cars are exported to over 100 countries, and don’t include the U.S. or Japan.
Vipin V. Nair
Bloomberg, September 7, 2009
India, whose auto market is 19 percent of China’s, has the edge in exports.
Suzuki Motor Corp., Hyundai Motor Co., and Nissan Motor Co. are making India a hub for overseas sales of minicars as incentives lift demand for smaller, fuel-efficient autos. Helped by cheaper labor and a surging local market, India this year overtook China in auto exports and is challenging Thailand and South Korea as an alternative production center in Asia.
“There is a worldwide shift toward fuel-efficient, compact cars,” said Jayesh Shroff, who helps manage about $7 billion of assets including carmaker shares at SBI Asset Management Co. in Mumbai. “This offers a huge potential for India and it can emerge as a leader in the small car segment.”
Maruti Suzuki India Ltd.’s exports more than doubled to 79,860 this year. It aims to ship 130,000 vehicles in the year to March, 86 percent more than last year, said Chairman R. C. Bhargava.
The automaker rose as much as 2.5 percent to a record 1,585 rupees and changed hands at 1,564 rupees at 11:57 a.m. in Mumbai. Suzuki rose 1.9 percent to 2,160 yen in Tokyo while Hyundai rose 4.7 percent to 112,500 won in Seoul trading.
Maruti Suzuki sold a monthly record 14,847 vehicles overseas in August. India’s exports of minicars and hatchbacks gained 44 percent between January and July to 201,138, according to the Society of Indian Automobile Manufacturers. Total exports, including vans, sport-utility vehicles and trucks, rose 18 percent to 229,809. Cars are exported to over 100 countries, and don’t include the U.S. or Japan.
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