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ICICI Securities Report
The auto industry witnessed wholesale dispatches recover gradually (6% growth to 60% YoY decline).
The incremental easing of the lockdowns since the start of the quarter has led to the release of the pent-up demand across customer-led segments of passenger vehicle/ two-wheelers.
However, restricted activity and delayed festive season have impacted sales.
Commercial vehicles fared the worst with medium and heavy commercial vehicle volumes declining approximately 60% YoY, while three-wheeler volumes declined approximately 50% YoY.
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