Auto industry missed the target of producing 4.1 million passenger vehicles last fiscal under the Automotive Mission Plan 2006-16, although it exceeded the cumulative production target of 27.75 million units for the 10-year period by 1 per cent.
The turnover in 2015-16, as per Society of Indian Automobile Manufacturers (SIAM) estimates, stood at Rs 6.01 lakh crore, which is within the target range of Rs 5.61 lakh crore and Rs 7.31 lakh crore under the Automotive Mission Plan (AMP) 2006-16.
According to SIAM, in 2015-16 actual production of passenger vehicles was at 3.4 million units, by 18 per cent from the target of 4.1 million.
Likewise, in the two-wheelers there was a shortfall of 42 per cent with actual production in FY16 at 18.8 million units as against a target of 32.6 million units.
Commercial vehicles also missed the target of achieving 8.9 lakh units in 2015-16 with actual production standing at 7.8 lakh units, a shortfall of 12 per cent.
Similarly, three-wheelers also missed the target by 4 per cent with actual production in 2015-16 at 9.3 lakh units against the target of 9.7 lakh units.
On the other hand, the auto industry managed to exceed the cumulated production targets of various categories except the two-wheelers for the ten-year period.
As per SIAM figures, cumulative production of passenger vehicles in FY06-FY16 period was at 27.91 million, more than 1 per cent from the target of 27.75 million. This was possible due to a surplus of 26 per cent witnessed around 2009-10 to 2012-13.