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Nirmal Bang Report
Auto original equipment manufacturers reported relatively mixed set of numbers across segments. Volumes were a tad disappointing in two-wheelers and tractors due to muted demand and a high base.
Passenger vehicles and commercial vehicles performed relatively better. In PVs, we see the demand momentum sustaining, led by easing supply-chain constraints, new launches, growing preference for personal mobility and improving consumer sentiments.
In two-wheelers, volumes were tad below expectations due to subdued demand in the domestic market. However, we note that the premium two-wheeler segment is witnessing better demand, supported by improving chip availability.
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