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August 2021 Auto Sales - Supply Chain Constraints Restrict Passenger Vehicle Wholesales: Motilal Oswal

August 2021 Auto Sales - Supply Chain Constraints Restrict Passenger Vehicle Wholesales: Motilal Oswal

Toy cars sit on display in a Renault SA showroom in the Courbevoie district of Paris, France. (Photographer: Nathan Laine/Bloomberg)
Toy cars sit on display in a Renault SA showroom in the Courbevoie district of Paris, France. (Photographer: Nathan Laine/Bloomberg)

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Motilal Oswal Report

Passenger vehicle/commercial vehicle wholesales were in-line, while two-wheeler/three-wheeler/tractor wholesales were below our estimates.

Supply chain constraints are affecting passenger vehicle wholesales, with some original equipment manufacturers announcing a reduction in production for the upcoming months.

In two-wheeler, Bajaj Auto Ltd. and Royal Enfield were in-line, whereas Hero MotoCorp Ltd. and TVS Motor Company Ltd. were below our estimates.

Passenger vehicle/medium and heavy commercial vehicle/light commercial vehicle volumes grew ~8%/119%/35% YoY (in-line).

Two-wheeler/three-wheeler/tractor volumes declined 10%/18/15% YoY (below our expectation).

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Motilal Oswal Auto August Sales Update.pdf

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