Monthly Auto Sales Report – Weak Shipments; Demand outlook for PVs and CVs appropriate: Nirmal Bang

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Auto OEMs reported relatively weak numbers in all segments.

For two-wheelers and tractors, volumes were somewhat disappointing due to subdued demand and a high base. Cars and commercial vehicles performed relatively better, but volumes fell short of more general expectations.

For PVs, we see continued demand momentum, led by easing supply chain constraints, new launches, heightened preference for personal mobility and an improvement in consumer sentiment.

We see leeway in the lean months after the festivals to regain lost volume (due to relatively weak festivals), led by sustained demand and improved supply chain dynamics.

In 2Ws, volumes fell short of expectations due to the subdued development of demand on the domestic market (the premium end was also affected due to the shortage of chips).

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