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ICICI Securities Report
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The auto industry witnessed ~32% QoQ improvement in wholesale despatches in Q2 FY22 as pre-festive channel filling was impacted by production cuts due to semi-conductor chip shortages and elevated logistic costs.
An increasing number of original equipment manufacturers declared production cuts (20-40% demand) despite strong demand in passenger vehicles (preference for personal mobility).
On the consumer side, two-wheeler wholesales fared better (~40% growth QoQ) than passenger vehicles (21% down QoQ).
Tractor wholesales grew only moderately (~4% QoQ) due to seasonality.
On the commercial side, commercial vehicle wholesales improved ~62% QoQ as industrial activity gains steam.
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