Dolat Capital: Auto OEM Monthly Preview - PV, Tractor Maintaining Momentum; Two-Wheeler Seems Exhausted
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Dolat Capital Report
Our channel checks indicate that while two-wheeler retail demand is fizzling out, there is higher traction in the passenger vehicle segment.
Dispatches to be lower than production for November due to inventory buildup for festival season, especially for two-wheelers.
Moreover, fewer working days because of Diwali and cyclone impact in Southern India to impact overall production.
We expect commercial vehicle/two-wheeler /tractor dispatches are likely to improve by 11/12/55% YoY on a low base while passenger vehicles expected to be flat YoY for November-20.
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