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Reliance Securities Report
Demand weakness continued across segments, though passenger vehicles improved sequentially, while commercial vehicles performed better within peer group. Much slower recovery in rural led to highly subdued sales performance for most companies.
Slower rural recovery is also visible in muted performance of rural-centric vehicles like tractors and two-wheelers in February 2022. Volume performance was mixed on YoY and month-on-month basis.
Two-wheeler segment witnessed a highly subdued performance, while PV segment saw a better performance with ease in semiconductor availability though supply shortage continued. CV delivered better YoY as well as month-on-month performance.
Tractor volume witnessed a sharp double-digit YoY decline. However, three-wheeler segments delivered decent YoY growth albeit on a lower base.
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