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Motilal Oswal Report
Passenger vehicle/commercial vehicle wholesales were in-line, while two-wheeler/three-wheeler/tractor wholesales were below our estimates.
Supply chain constraints are affecting passenger vehicle wholesales, with some original equipment manufacturers announcing a reduction in production for the upcoming months.
In two-wheeler, Bajaj Auto Ltd. and Royal Enfield were in-line, whereas Hero MotoCorp Ltd. and TVS Motor Company Ltd. were below our estimates.
Passenger vehicle/medium and heavy commercial vehicle/light commercial vehicle volumes grew ~8%/119%/35% YoY (in-line).
Two-wheeler/three-wheeler/tractor volumes declined 10%/18/15% YoY (below our expectation).
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