The recent removal of a "scrappage" incentive scheme in several European countries would impact the overseas sales of India''s biggest car exporters like Maruti Suzuki and Hyundai Motors. The scheme provided a subsidy for the car owners to replace their older, polluting vehicles with low-emission and fuel-efficient ones, which ranges from ¤750 to ¤4,000.
The governments from 11 nations including Germany, France, Italy, Romania, Spain, Portugal, Cyprus and Luxembourg, withdrew the scheme from the last week of July or the first week of August. However, only UK has opted to continue the scheme, which has helped raise demand for hatchbacks.
As per the Society of Indian Automobile Manufacturers data, which showed that Hyundai''s first-quarter exports reported a growth of 26.54% to stood at 66,500 units over the same quarter last fiscal. HMIL sells both the i10 and i20 hatchbacks to Europe.
On the other hand, Maruti, which reported more than doubled exports in the first quarter of this financial year to 29,314 units over the same quarter last year, said there was no let-up in exports.
Mayank Pareek, executive officer (marketing and sales), Maruti said that the scheme in Europe was supposed to last till December but also added that the US Congress launched a similar $1 billion scheme that was supposed to last for five months but was over in five days.
The governments from 11 nations including Germany, France, Italy, Romania, Spain, Portugal, Cyprus and Luxembourg, withdrew the scheme from the last week of July or the first week of August. However, only UK has opted to continue the scheme, which has helped raise demand for hatchbacks.
As per the Society of Indian Automobile Manufacturers data, which showed that Hyundai''s first-quarter exports reported a growth of 26.54% to stood at 66,500 units over the same quarter last fiscal. HMIL sells both the i10 and i20 hatchbacks to Europe.
On the other hand, Maruti, which reported more than doubled exports in the first quarter of this financial year to 29,314 units over the same quarter last year, said there was no let-up in exports.
Mayank Pareek, executive officer (marketing and sales), Maruti said that the scheme in Europe was supposed to last till December but also added that the US Congress launched a similar $1 billion scheme that was supposed to last for five months but was over in five days.
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