Auto Sector Update - Lockdown Hurts Volumes Across Segments In May: Motilal Oswal
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Motilal Oswal Report
Passenger vehicles, commercial vehicles, and tractors May 2021 sales were above our expectations, while two-wheelers were in line with our estimate.
Wholesales were impacted by localized lockdowns across states and supply-side issues. Demand is expected to recover as restrictions are lifted.
While dealers are hopeful of a sharp recovery in demand for passenger vehicles, commercial vehicles, and tractors, customer behavior after the lifting of lockdown restrictions is a key monitorable.
Two-wheeler/passenger vehicle/medium and heavy commercial vehicle/light commercial vehicle/tractor volumes declined by 34%/35%/47%/40%/down 1.5% compound annual growth rate (versus May 2019).
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