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Reliance Securities Report
Demand weakness continued across segments, though passenger vehicles performed better within peer group. Much slower recovery in rural led to highly subdued sales performance for most companies.
Recovery is slower across segments. This is also visible in muted performance of rural-centric vehicles like tractors and two-wheelers in December 2021.
Volume across most segments fell on a YoY basis, while month-on-month performance was mixed.
Two-wheeler segment witnessed a highly subdued performance, while passenger vehicle segment saw a much better performance as the semiconductor shortage seems to be resolved partially. Tractor volume witnessed a sharp double-digit YoY as well as month-on-month decline. However, commercial vehicle and three-wheeler segments delivered decent YoY growth albeit on a lower base.
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