In May, the country's exports plummeted 11.3 per cent year-on-year (Y-o-Y). In the first two months of FY25, auto majors Piaggio and TVS Motor Company witnessed a 16 per cent and 19.9 per cent decline in exports.
In FY23, exports fell by 26 per cent, followed by a 17 per cent decline in FY24, according to the Society of Indian Automobile Manufacturers (Siam) data.
Anurag Singh, managing director at Primus Partners, said countries like Sri Lanka, Bangladesh, Nigeria, and Egypt are grappling with severe economic crises, which have significantly dampened their demand for three-wheelers.
"Sri Lanka's economy is struggling, Nigeria is facing high inflation and political risks, and Bangladesh is experiencing increased political uncertainty. These factors contribute to a bleak outlook for three-wheeler exports," Singh explained.
Denne historien er fra June 18, 2024-utgaven av Business Standard.
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Denne historien er fra June 18, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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