Strong export growth buffers domestic market decline for PV, 2W and 3W OEMs

It’s been a difficult year for India Auto Inc, faced as it is with multiple challenges – be it the ongoing chip shortage, rising commodity prices, high fuel prices and resultant lacklustre consumer demand. Captains of industry were hopeful that November with Diwali would bring in the sales but their hopes were belied. Apex industry body SIAM released wholesales numbers for November and April-November and there’s ample red ink splattered across all vehicle segments.

Passenger vehicle sales are down 19% YoY (215,626 units), two-wheelers down by 34% (10,50,616 units) and three-wheelers also down by 7% (22,471 units). Combined, these ...