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Nirmal Bang Report
Auto OEMs reported relatively weak numbers across segments.
Volumes were a tad disappointing in two-wheelers and Tractors due to muted demand and a high base. Passenger Vehicles and Commercial Vehicles performed relatively better, but volumes were below broader expectations.
In PVs, we see demand momentum sustaining, led by easing supply-chain constraints, new launches, increased preference for personal mobility and improving consumer sentiments.
We see scope for regaining lost volume (due to relatively weak festivals) during the leaner months post festivals, led by sustained demand and improving supply chain dynamics.
In 2Ws, volumes were below expectations due to subdued demand trends in the domestic market (the premium end was also affected due to chip shortages).
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