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Nirmal Bang Report
Auto original equipment manufacturers in May 2022 saw YoY improvement across segments on the back of a lower base in May 2021 due to the second Covid-19 wave.
On a sequential basis as well, major OEMs posted positive growth on the back of improvement in demand and supplies. Overall, the improvement in volume indicates signs of recovery in the sector going forward.
In passenger vehicles, we see the demand momentum sustaining amid improvement in chip availability. A robust demand outlook and new model launches are expected to drive volume going ahead.
Overall, the PV segment grew by 226% YoY and ~7.5% month-on-month. PV volume is expected to stay at this level due to a higher open order book with all OEMs and there will be a gradual increase in volume once the supply-side constraints and commodity cost inflation start to soften.
In two-wheelers, overall volume grew by 129%/10% YoY/month-on-month, displaying a decent show and signs of recovery.
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