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ICICI Direct Report
Auto wholesale dispatches for the month of November 2021 came in muted registering decline on month-on-month basis. Decline was limited in the passenger vehicle space amid healthy demand prospects and improving chip availability while the decline was aggravated in the two-wheeler space amid muted festive sales and high channel inventory.
Commercial vehicle space too witnessed a breather from month-on-month growth trend with most players reporting single digit decline on month-on-month basis.
In the two-wheeler pack, except Royal Enfield (volumes up 17% month-on-month at 51,700 units) Eicher Motors Ltd.) all players reported high double digit sequential decline in sales volume for November 2021.
In the passenger vehicle space, market leader Maruti Suzuki India Ltd. reported flattish performance month-on-month at 1.36 lakh units with company guiding for production at ~80-85% of normal levels for December 2021 versus ~85% in November.
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