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Axis Securities Report
Auto original equipment manufacturers reported relatively weak numbers across segments. The automotive monthly sales were materially impacted due to the ongoing supply constraints (chip shortages were more prevalent in the passenger vehicle segment) and the high-base effect (for two-wheelers and tractors).
Volumes in two-wheelers and tractors were disappointing due to muted demand and a high base. Passenger vehicles and commercial vehicles performed relatively better, but volumes were below broader expectations.
The passenger vehicle industry’s wholesale volumes reported de-growth of ~15% YoY primarily owing to the adverse impact of the semiconductor chip shortages.
Two-wheeler dispatches declined 30-32% YoY on account of continued weak demand, higher-than-normal inventory levels and chip shortages impacting premium motorcycles.
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