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Motilal Oswal Report
Two-wheeler, tractors, and commercial vehicle wholesales were below our estimate, whereas passenger vehicle wholesales were in line.
There were signs of a recovery in November 2021 in terms of passenger vehicle wholesale dispatches due to the easing of semiconductor shortages.
Two-wheeler demand shows no signs of a pickup, while commercial vehicle demand is improving. Among two-wheelers, volumes for Hero MotoCorp Ltd./TVS Motor Company Ltd. was below our estimate, while Royal Enfield/Bajaj Auto Ltd. was in line.
Two-wheeler/passenger vehicle/tractor volumes declined by ~26%/3.5%/19% YoY, whereas commercial vehicle/three-wheeler volumes grew 10%/11% YoY.
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