Covid-19 Recovery Pulse - Festive Period To Lift Auto Retail In October: ICICI Direct
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ICICI Direct Report
Daily Vahan registrations in September 2021 dipped 9.3% month-on-month to ~57,400 units i.e. 72% of pre-Covid-19 levels versus daily average of ~63,300 units clocked in August 2021 i.e. 79% pre-Covid levels.
Registrations are expected to pick up meaningfully in October 2021 as we approach the festive season but it will be partially restricted in the PV space due to lower original equipment manufacturer production amid global chip shortage.
E-Way bill generation for September began on a strong note, reaching four crore.
If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~119% of the average 5.5 crore bills.
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