Indian automotive wheels producer Steel Strips Wheels’ (SSWL) May 2021 output increased 2.5 times on an annual basis to 1 million units. However, compared to April, production fell 30.8pc lower against 1.48 million units.
SSWL’s May exports jumped 238pc from last year, its highest-ever increase, and were up 45pc from last month, according to its statement on Monday. The company expects its exports to grow further in the near term.
In segment-wise sales, truck wheels were up 841pc in April 2021 from the previous year but declined 70pc from this March. Passenger cars (PVs), two and three-wheelers, and tractor sales increased by 248pc, 234pc, and 116pc, respectively. Sales were down 61pc, 86pc, and 20pc respectively for each segment as compared to the prior month.
SSWL attributes declined monthly sales to the second wave of the COVID-19 pandemic which caused a partial lockdown that affected the company’s supply chain, original equipment manufacturers (OEMs), and resource availability. The PV and tractor sectors may perform better in the next month, however, the truck, two, and three-wheeler segments may take longer to recover, the company noted.