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Axis Securities Report
The wholesale volumes in August 2022 picked up in line with our expectations as the original equipment manufacturers ramped up supply to fill in the inventories ahead of the festive season.
The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters. Based on the August-22 domestic wholesale volume numbers, the commercial vehicle segment supply growth stood ahead followed by the passenger vehicle and two-wheeler segments.
According to our estimates, the domestic CV sales volumes grew by 45% YoY, (fell marginally by 3% month-on-month), indicating the continuation of demand momentum on a low base of the last year.
The domestic PV segment sales volumes improved by 29% YoY but declined marginally by 4% month-on-month. The YoY growth was driven by new product launches, improved chip availability (indicating easing supply chain constraints) and fulfilling order backlogs.
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