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Motilal Oswal Report
Wholesales in August 2022 for two-wheelers and tractors were in line, while that for passenger vehicles and commercial vehicles were below our estimate.
Passenger vehicle wholesales were flat sequentially. Model launches and order backlog by original equipment manufacturers will help sustain passenger vehicle demand. Domestic two-wheeler wholesales have started picking up, while exports remain under stress.
Commercial vehicle demand remains stable. Among two-wheelers, wholesales for TVS Motor Company Ltd./Royal Enfield /Hero MotoCorp Ltd. were in line, while that for Bajaj Auto Ltd. were above our estimate.
Volumes for two-wheelers/passenger vehicles/commercial vehicles/three-wheelers/tractors grew 8%/43%/16%/28%/2% YoY.
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