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Motilal Oswal Report
Two-wheelers, passenger vehicles, commercial vehicles were inline, while tractors were above estimate (excluding Bajaj Auto Ltd. and Mahindra and Mahindra Ltd. as numbers are yet to be released).
Passenger vehicle wholesales have doubled YoY due to easing of chip shortages and strong demand.
Domestic two-wheeler wholesales inventory buildup for the upcoming festival season has started. Commercial vehicle demand has remained stable, with Ashok Leyland Ltd. outperforming its peers.
Among two-wheelers, TVS Motor Company Ltd. was inline, Hero MotoCorp Ltd. was below est., while Royal Enfield was above estimate. Two-wheeler/ passenger vehicle/commercial vehicle/three-wheelers/ tractors sales volumes grew 7.5%/103%/18%/18%/39% YoY.
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