Domestic demand in the Indian market has surged to new levels such that major exporters of small cars from India like Maruti and Hyundai have lowered their exports to cater to the demands from the domestic market.
MSIL exports dipped by 18.11 percent to 11,353 units from 13,864 units in the year-ago period. Hyundai exports also dropped by 25.32 percent to 17,500 units from 23,434 units in the corresponding period last year. "In the last two months, we have diverted our exports to the domestic market to meet the demand. People wait to buy cars in festivals and if we cannot fulfil it, then we will lose them," HMIL Director (Marketing and Sales) Arvind Saxena said.
MSIL also stated that their 60 percent of the total exports came from non-European markets. Its exports to non-European countries were only 20 percent a year ago. MSIL and HMIL have been expanding to various different destinations since past one year as their exports to Europe have not been picking up and various European countries have been reeling under economic pressures.
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