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ICICI Securities Report
Domestic two-wheeler retails in September 2023 (1.31 million units) were up ~22% YoY and 5% month-on-month, as low base till Sep-22 is helping the industry report YoY growth.
However, on an absolute-basis, two-wheeler retails continued to be near levels of 1.3 million since June and are expected to pick up in October-November driven by festive season.
Electric-two-wheeler retails were steady, albeit improving every month from June 2023 lows, and were at ~64,000 in Sep-23 versus ~62,000 in Aug-23 and versus highs of ~104,000 in May-23.
Passenger vehicles were at a six-month high at ~0.32 million units, with rising sports utility vehicle volumes amid continued weakness in entry-level hatchback segment.
Internal combustion engine three-wheelers continued to positively surprise with 63% YoY growth at ~53,000 units.
Medium and heavy commercial vehicles remained steady in the seasonally weaker period of the year at ~34,000 units. Tractors at ~55,000 units (8% lower YoY) are expected to pick up from Oct-23 with the onset of harvest season.
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