The depreciation in the value of rupee has created a contradicting situation in the Indian auto market. Where at one hand, the weakening rupee has made the import of essential components expensive, on the other hand it has boosted the fortunes of the leading car exporters in India like Maruti and Hyundai.
The leading car makers including Maruti Suzuki India, Hyundai and Nissan have been witnessing a major boost in the demand from overseas markets, thanks to the higher exports margins due to depreciating rupee.
The Indian auto giant Maruti Suzuki exports its cars like Maruti A-Star and Swift to the overseas markets. Speaking on the company’s performance in terms of exports, Maruti Suzuki’s chief general manager (marketing), Shashank Srivastava said, "Our main export models like A-Star, Alto, WagonR and Estillo are all sold out till March. The benefits arising out of favorable currency have come as a big boost for exports."
In a recent statement, Hyundai Motor India director (marketing & sales), Arvind Saxena said, "Europe still remains a stable market and new markets in South East Asia are translating into fresh orders. We are getting more benefit with rupee depreciating and our exports orders have been robust so far."
Meanwhile, the Indian unit of the Japanese auto giant Toyota Motors is planning to start exporting its Etios model to the foreign markets from India. In a statement, managing director of Toyota Kirloksar (marketing,), Sandeep Singh said, "We would start exporting our Etios range from March, initially to South Africa and then to Brazil, Mexico, Malaysia and the Philippines."
