Auto Sector Update - Muted Demand, Supply Challenges To Restrict Near-Term Performance: Nirmal Bang
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Nirmal Bang Report
Data tracking certain high-frequency indicators for the Auto sector for November 2021 (see exhibit 1) indicate that 19 of the 29 indicators were in the positive/neutral territory, an increase from 18 out of 31 indicators in October 2021.
Both, wholesale as well as retail volume remained in the negative zone (except Commercial Vehicles) despite festive and marriage season in November 2021.
Industry retails declined by ~2.7% year-on-year in November 2021 (down by 20% over November 2019) (see exhibit 2 to 6) due to muted demand for entry-level two wheelers and persistent supply chain related issues for Passenger Vehicles.
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