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Systematix Research Report
As highlighted in our latest channel check note, the demand for passenger vehicles is recovering strongly.
However, supply chain constraints have hurt retail sales and the best-selling models have a waiting period of two to three months.
Two-wheeler demand remains subdued with a weak off-take in the initial festive period even as electric vehicles see strong order booking.
Commercial vehicles maintain the status quo and we believe Q4 FY22 will be a real test of the demand scenario.
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