Automobiles Sector Update - Wholesales Impacted By Chip Shortage In September: Motilal Oswal
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Motilal Oswal Report
Two-wheeler/commercial vehicle wholesales were above our estimate, whereas passenger vehicle/three-wheeler wholesales disappointed and tractors were in line.
September 2021 saw the worst supply chain challenges, which affected wholesales for passenger vehicles and premium two-wheelers, though the situation is expected to gradually improve from October 2021.
Among two-wheelers, Hero MotoCorp Ltd. was in line, whereas Bajaj Auto Ltd./TVS Motor Company Ltd./Royal Enfield were above our estimates.
Two-wheeler/passenger vehicle/tractor volumes declined by ~16%/38%/11% YoY, whereas commercial vehicle/three wheeler volumes grew by 35%/14% YoY on a low base.
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