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Axis Securities Report
FY22 was a difficult year for the auto industry on account of Covid-19 induced supply-chain disruptions, increasing raw material cost, and lower overall demand.
The wholesale dispatches for May 2022 came in with most segments witnessing sequential YoY growth. On a YoY basis, total vehicle retail for May-22 increased by 207%.
All categories viz – volumes were in green two-wheeler/three-wheeler/passenger vehicle/ tractors/commercial vehicle were up by 198%/696%/204%/216%/278% respectively.
Auto Retail has still not recovered from the jitters of Covid-19. When compared with May 2019 month, total vehicle retail was down 10% YoY.
Except for passenger vehicle and tractor, which continues to show volume growth of 11% and 33%, all other categories like such as two-wheeler, three-wheeler, and commercial vehicle fell by 14%, 19%, and 11% respectively.
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