Covid-19 Recovery Pulse - Auto Retail Picking Up Pace: ICICI Direct
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ICICI Direct Report
Daily Vahan registrations in August 2021 have averaged at ~63,200 units i.e. 79% of pre-Covid-19 levels and is down ~11% on an month-on-month basis.
The start to September 2021 is soft with average reading at ~60,400 units, broadly in line with the sluggish start to the month.
With Covid-19 abating pan-India, registrations are expected to pick up pace but will be constrained by lower vehicle production given the global chip shortage, especially in the passenger vehicle space.
E-Way bill generation for August 2021 began on a strong note, reaching 4.6 crore.
If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~115% levels of the average 5.5 crore bills.
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