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ICICI Securities Report
Wholesales in the two-wheeler segment continued to witness inventory destocking amid strong retail demand while passenger vehicle segment retails were largely in line with wholesales.
Though strong retails suggest improving rural demand, inventory destocking impacted wholesales of mass-market two-wheelers.
Additionally, chip shortage continued to hurt the scale of production of premium two-wheelers, thus resulting in November 2022 wholesale numbers being down month-on-month further for all.
Though tractor retails were up 35% month-on-month, wholesale numbers declined as they peaked out in the agricultural pre-harvest months.
Medium and heavy commercial vehicles volumes remained range-bound at levels similar to H1 FY23 and in line with retails.
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